VP Jagdeo says govt’s long-term plan focuses on jobs, prosperity

Vice President Dr Bharrat Jagdeo said his government will continue to make significant investments in several sectors, ensuring all Guyanese have equal opportunities, regardless of their geographical location.

At his weekly media engagement on Thursday, Dr Jagdeo stated that in an effort to ensure prosperity arrives at the door of every household, the government has crafted a well-thought-out plan that will drive long-term income generation and job creation.

Referencing the major announcement made by President Dr Mohamed Irfaan Ali on Wednesday, the vice president explained that:

“We made a lot of progress in the past five years because we kept our promise to people. We expanded education, we expanded healthcare…”

Notwithstanding the massive achievements made, he said the administration is cognisant that more needs to be done.

To ensure that this happens, Dr Jagdeo said the distribution of cash grants is not the solution, but one of many policy initiatives that the government is pursuing. He reiterated the position of President Ali that over the next five years, there will be additional cash grants.

He highlighted the government’s plans to reduce taxation, noting that the government has already increased the income tax threshold to $130,000 monthly.

It means that only those earning above $130,000 will pay income tax on the portion of their earnings that exceeds the threshold. There are also plans for the threshold to grow annually, and in five years, mirror that of developed countries.

About 30,000 part-time workers and Community Service Officers (CSOs), among others, will also benefit from an increase in their monthly stipend.

For part-time workers, specifically, the vice president explained that efforts are being made to put some of them in permanent jobs as a means of ensuring job security and career progression.

In housing, he said, the aim is to ensure citizens live in decent homes within clean and well-developed communities.

The government will support and/or co-invest with persons and young entrepreneurs. The vice president said that if someone wants to start a business, mechanisms will be put in place to provide accessible financing, mentorship, business development support, and lower barriers to entry so that new enterprises can thrive.

He referenced the establishment of the Guyana Development Bank, which will offer zero-interest, zero-collateral loans to small and medium enterprises to help them access capital and grow their businesses.

The vice president remains adamant that these measures will build a more inclusive economy and will allow the government to deliver on its promises outlined in its manifesto.