Despite the government and the Guyana Manufacturing and Services Association (GMSA) agreeing on setting up a revolving fund, the details of how it would be composed are still being finalised.
An official from the GMSA, who did not want to be named, told Stabroek News that discussions were still ongoing.
“We are still in discussions and nothing is in concrete yet,” the official said, while pointing out that once all of the relevant stakeholders are consulted, the details of the fund will be settled.
The fund, which is to allow modernising and retooling of production processes, was one of the outcomes of the First Inter-Ministerial Round Table with the GMSA, which was held last month at the Ministry of Finance.
A statement issued by the ministry subsequently said that several other matters were also discussed, including the timber
industry; clarifications on investment agreements and greater information sharing; road maintenance in light of heavy dual usage of roads; a review of the applications for VAT; and the setting up of a consolidated dimensions stockyard.
It said government also committed to revisiting the impact of imported substitutes on the competitiveness and viability of the local market by re-examining existing tariffs and concessions.
A follow-up meeting was to be held on Monday to discuss the issues related to the impact of VAT on the sector’s competitiveness.
The Inter- Ministerial Round Table is to be held three times per year.