Latest update April 19th, 2024 12:59 AM
Aug 08, 2015 News
With the theme, “A fresh start to the good life in a green economy”, the 2015 budget which will be presented in the National Assembly on Monday by Finance Minister Winston Jordan, is expected to reflect increase in old age pension, concessions for the mining sector and other goodies.
During a press briefing yesterday at the Ministry of Finance, Jordan said that as it relates to the fiscal position of the county, it is “generally in good shape” in spite of the worrying performance of two of the nation’s biggest revenue earners, rice and sugar, in recent times.
Though he was adamant about not revealing too much on the much anticipated budget, he did note that it was crafted around APNU+AFC’s 100-day plan. He said that most things will be in place, including significant increases for public servants, but with the exception of the reduction of Value Added Tax. He reminded that the latter will not be adjusted until a review of the implications and the feasibility of such a move is completed.
The Finance Minister said that in terms of inflation, “it is at such a manageable rate that you would not believe it.”
With regard to the theme of the budget, the Finance Minister said, “Everybody aspires to a good life and government spending has to be done in relation to that good life”.
He added, “We are nowhere near accomplishing the good life and one of the reasons for that is because of the bad governance we have had over the past 23 years”.
The new administration, the Minister said, is employing a ‘fresh approach’ to the management of the country’s resources, with the aim of setting up the frame for how Government will be approaching the governance of the economy over the next five years.
This new approach includes a focus on better governance, social cohesion, building safer communities, linking the coastland with the hinterland, taking care of the environment, emphasizing green technology, support for the implementation of environmentally-friendly processes for the extractive sector and the creation of a sovereign wealth fund.
Jordan said that Government’s aim is not only to ensure that “the good life” is achieved, but also, that all Guyanese are able to enjoy it in a clean and safe environment.
Finance Minister added, “I could let you know that the deficit is one of the lowest in recent history, only because of the nature of activities during the year where expenditure was severely compressed…as a result the deficit of the Gross Domestic Product ratio and not our actual deficit, is one of the smallest in recent history.” (Kiana Wilburg)
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