Singh presents $220B budget

Finance Minister Dr Ashni Singh today presented a $220 billion budget which will see an attempt to spend down what ails Guyana’s sugar industry, with $6 billion earmarked for that subsector.  Last year’s budget was $208.8B.

Meanwhile, $500 million is to be set aside to boost the competitiveness of the rice industry.

Among other measures announced in the budget which was read this afternoon, is a 5% increase in old age pension taking it to $13,125 from its current $12,500, from May 1. In addition, pensioners electricity assistance is set to increase from$20,000 – $30,000 per annum.

While there are no new taxes, there is also no new tax relief. Despite numerous calls over the years for a reduction in the 16% value-added tax, this remains the same. Income tax stays at 30% and the tax threshold at $50,000.

Singh also said Guyana’s economy is projected to grow by 5.6% this year. Singh also projected that the inflation rate this year will be 5% compared to 0.9% last year, the lowest rate in decades. Real Gross Domestic Product (GDP) grew by 5.2% last year while the non-sugar GDP rose by 6.3%.

More in Local News

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. Lab tech charged with arson in DJ Magnum house fire

  2. Bad experience at Chinese restaurant

  3. HBO accuses Gizmos and Gadgets of infringing intellectual rights

  4. Mashramani 2017 scenes

  5. Need a ride?

  6. Third term case for CCJ

  7. Bleak start to Mash Day

  8. CH&PA Board dissolved over rancour, little work, Harmon says

  9. I never claimed to have an MBA from Harvard University


Recommended For You