The current balance projects a surplus of $1,631 million, a decrease of $976 million or 37.4% over revised 2016. After capital receipts of $186,022 million and expenditure of $177,529 million, the plan projects an overall deficit of $50,949 million compared to a deficit of $44,993 million in 2016, 35.8% of which is expected to be financed by borrowings from external sources and 64.2% from domestic sources.
Current Non-Interest Expenditure
The National Budget comprises of a number of elements. These are: statutory payments which are charges on the Consolidated Fund, including appropriations for constitutional bodies and officers; public debt payments of interest and principal; Ministries, Departments and Regions and Statutory bodies.
In this section we consider the measures announced by the Minister, analyse them, evaluate their impact and discuss the extent to which they meet the economic benefits of the stakeholders
Section 6 of the 2017 Budget Speech contains a staggering fifty seven paragraphs of Budget measures, some of which are regulatory rather than fiscal.
The UN Convention Against Corruption has served as the catalyst for international efforts against corrupt politicians and public officials who have robbed the coffers of their states to the tune of billions of dollars.
The Budget’s measures are substantial, revolutionary and are probably unprecedented. It is presented at a time when the Government is having to defend itself against accusations of corruption and cronyism.
Thousands of eager Guyanese turned out to greet Cuban president, Fidel Castro on his whirlwind trip to Guyana in September 1973, while Prime Minister Forbes Burnham mused that the United States could get rid of three troublesome Caribbean leaders in a master stroke by sabotaging the Soviet-made airliner carrying them to a Non-Aligned Movement (NAM) meeting.
‘Equity thus depending, essentially, upon the particular circumstances of each individual case, there can be no established rules and fixed precepts of equity laid down, without destroying its very essence, and reducing it to a positive law.