Budget 2024 aims to buffer rising cost of living, build prosperous country – Pres Ali

“Together, we are building a stronger, more prosperous, unified country for all of our people. This is the mission; no one will stop us in making your life better,” Dr Irfaan Ali said from his presidential home in Georgetown.
Following the presentation of the $1.146 trillion 2024 Budget by Finance Minister, Dr Ashni Singh in the National Assembly on Monday, which represents a 46.6 per cent increase in spending and is the largest budget in Guyana’s history, President Dr Irfaan Ali took to social media and shared his views on the provisions made to address the rising cost of living.
Among the measures is raising the income tax threshold from to $85,000 to $100,000 allowing thousands of persons to pay fewer or no taxes. As a matter of fact, some 13,000 persons will no longer be paying taxes as a result of this measure.
Additionally, an increase in Old Age Pension from $33,000 to $36,000 will take effect this month and provide $2.7 billion in additional disposable income to pensioners, as well as an increase in public assistance from $16,000 monthly to $19,000. This move, the Head of State said, is expected to provide about $1.2 billion in additional disposable income to thousands of persons.
For the first time too, other measures to support vulnerable groups were announced.
A $3000 voucher for eye tests will be provided to over 205,000 school children and 76,000 pensioners. This new support should cost about $840 million. For those who require spectacles, a $15,000 voucher will be provided.
Further, the Government will provide an $8000 voucher to women aged 21 to 65 to help meet the cost of cervical cancer testing.
The Finance Minister also announced that the minimum National Insurance Scheme (NIS) pension has been increased from $35,000 monthly to $43,075.
Over 27,000 persons are expected to benefit from this move.
The survivor’s pension, which is payable to the dependants of a deceased insured person, will also be increased from $17,500 to $21,537. Additionally, an invalidity pension, paid to an insured person who is incapable of work otherwise than as a result of employment injury, is being increased from $35,000 to $43,075.
During his address to the nation, the Head of State noted that the provisions included in this year’s budget would directly attack and/or cushion many of the effects associated with the cost of living. Additionally, a total of $7 billion has allocated for measures to be determined after consultations with stakeholders, aimed at containing the impact of price increases.

Boost non-oil sectors
He explained that Government’s primary goal in 2024 was to boost the non-oil sectors while ensuring that Guyanese have access to disposable income.
“These are the type of investments we’re making to bolster income and to target the most vulnerable bringing equity, ensuing that we build a society in which disparity doesn’t widen or create gaps within our society. This is how you implement and plan measures in the interest of people and this is what we mean when we say building prosperity across our country in every single household,” President Ali stated.
Moreover, the sum of $10 billion is allocated in the 2024 National Budget to continue the Government’s part-time job programme.
However, major focus will be placed on ensuring beneficiaries acquire further skills and qualifications, to help satisfy the skills gap in the labour market and ultimately transition to full-time employment.
In 2023, over 15,000 persons from the 10 administrative regions of Guyana were employed through the programme. The sum of $6 billion in disposable income was poured into these households, and in 2024, this programme will continue and be expanded.

Small business
Meanwhile, $450 million was allocated for the replenishment of the Small Business Development Fund and $331 million allocated for the Small Business Bureau.
Some 100 loans will also be targeted for disbursement and 1362 grants will be issued in 2024.
These monies will support initiatives to grow small and micro business developments and the promotion of entrepreneurship.
President Ali disclosed that government would provide incentives to banking institutions this year, to make available loans above $5 million to small business owners.
According to the Head of State, a framework will be implemented to make access to funds easier for business owners while ensuring that interest rates remain low.
“Together we are building a stronger, more prosperous, unified country for all our people. This is the mission; no one will stop us in making your life better,” the Head of State said.
Another $3.3 billion is allocated this year to commence industrial development at Wales, Region Three and advance similar works in Regions Two and 10.
The Government is moving ahead this year with the establishment of business incubators and will be providing extensive training to 2800 business owners in five key sectors: apiculture, farming, livestock farming, poultry rearing, and micro-enterprise.
The Electronic Single Window for business transactions will come on stream this year with $600 million budgeted for that project; a National Quality Infrastructure laboratory will move ahead with $1.25 billion budgeted for that project, and $500 million is budgeted to support the continued construction of the Food and Drugs Department laboratory.
These measures will position small businesses to take advantage of the opportunities that abound.
The 2024 Budget was presented by Senior Minister for Finance, Dr Ashni Singh under the theme: “Staying the Course: Building Prosperity for All.”
It is the fifth budget of the People’s Progressive Party/Civic (PPP/C) Government since its return to Government in 2020 and the third to be funded in part by proceeds from oil production offshore Guyana.
Government said Budget 2024 would strike a balance between addressing the pressing needs and irritants of today and simultaneously investing in the future, with a primary focus is placed on policies designed to increase the disposable income of Guyanese and their general quality of life.