Senior Finance Minister seeks Parliamentary consideration and approval of Supplementary Financial Papers totalling $84.5 billion

– to advance key government projects, including the transformational Gas to Energy project

– to support Government’s $100,000 cash grant initiative

As Government continues to advance its transformational agenda, Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, today presented Financial Papers Numbers 3 and 4 for 2024 to the National Assembly, seeking Parliamentary consideration and approval for development support totalling $84.5 billion.

Under Financial Paper Number 3, approval for Supplementary Estimates (Current) is being sought in relation to advances made from the Contingency Fund, totalling $456.9 million for the period 2024-11-07 to 2024-11-22. These advances are primarily related to security services for the Ministry of Education and Regions 1 and 6. Under Financial Paper Number 4, approval is being sought for Supplementary Estimates (Current and Capital) totalling $84.1 billion for the period ending 2024-12-31.

Foremost among the support required is the Assembly’s approval of $30.5 billion for the provision of resources for the commencement of the $100,000 cash grant initiative announced by His Excellency President Irfaan Ali in October. It would be recalled that this initiative will see every Guyanese aged 18 and older receiving $100,000 each, and when completed, will place $60 billion in the hands of citizens countrywide. Another key area for which Government is seeking approval is for an amount of $25.3 billion under the Office of the Prime Minister to advance its transformational Gas to Energy project. Once this comes on stream, it is expected that electricity costs will be reduced by 50 percent countrywide, increase the competitiveness of other industries, and reduce Guyana’s reliance on heavy fossil fuels.

Under the Ministry of Housing and Water, approval is being sought for $8.4 billion to continue the development of housing schemes and the coastal water supply programme. Notably, Government is on track to achieve the commitment of delivering of 50,000 house lots between 2020 and 2025, with more than 40,000 expected to be distributed by the end of this year.

The President Irfaan Ali-led Government has significantly ramped up investments to strengthen, expand, and rehabilitate the country’s drainage and irrigation (D&I) infrastructure, promoting growth in agriculture, and improvement in quality of life being enjoyed by the citizens. Under Financial Paper Number 4, Government is seeking approval for an amount of approximately $5.5 billion for the National Drainage and Irrigation Authority to support the advancement of D&I works throughout the country.

Moreover, under the Ministry of Health, Government is seeking Parliamentary approval for $4.5 billion in pursuit of advancing construction of the six regional hospitals in Lima, De Kendren, Diamond, Enmore, Bath and No. 75 Village, as well as to initiate works on regional hospitals at Lethem, Moruca and Kato. Further, $3.6 billion is being sought to support the provision of drugs and medical supplies.

Under the Ministry of Education, approval is being sought for an amount of $1.2 billion to support the operations of the University of Guyana. It would be recalled that, also in October, His Excellency President Irfaan Ali announced that starting January 2025, tuition fees will be completely abolished at the University of Guyana.