Budget 2025: Finance Ministry advances 2025 budget preparations

…“we’re working assiduously” – Finance Minister

The Finance Ministry has already received the majority of the submissions from the various Government agencies, as part of the 2025 budget cycle, with Finance Minister Dr Ashni Singh revealing that most of these submissions have already been examined.
Currently the Ministry is in the middle of preparations for Budget 2025, with significant headway made in examining proposals for funding from Government agencies. In an exclusive interview with this publication, the Finance Minister also explained that the Government has received useful submissions from Non-Governmental Organisations (NGO) and the private sector.
Dr Singh spoke about the relationship the People’s Progressive Party/Civic (PPP/C) Government has with all stakeholders, a relationship that is not limited to budget time but rather, one that is present throughout the year.
“We’ve already initiated the process in the Ministry of Finance. The usual process of receiving submissions from Government agencies in the first instance. We’ve already received the majority of those. We’re already significantly advanced in examining the submissions that have been made by the various sectors. We’ve also received a number of very useful submissions from non-Governmental representations, including members of the private sector,” he said.
“We also maintain, as a Government, a very close engagement with all of the stakeholders in Guyanese society. In particular the private sector, not only at budget time but throughout the year. Various members of the Government are closely engaged with the organised private sector and the sectoral private sector representatives. Tourism, manufacturers, etc.”
The Finance Minister noted that they have received valuable feedback through those avenues. He also pointed out that the PPP/C Government is one that is constantly on the ground, listening to people and gauging what the priorities of the citizens are.
“And so, you’d see our president, our prime Minister, our Vice President, and all of the cabinet Ministers constantly on the ground, visiting communities, listening to citizens, processing that feedback, bringing that feedback to the centre and processing it and incorporating it into what we do.”
“So that process is very much an ongoing one. And it augments the budget cycle. But to put all those pieces together, I would say we’re working assiduously on budget 2025. There’s still a lot more work to be done. But we’re working aggressively on budget 2025,” Dr Singh said.
The 2024 budget, which amounted to $1.146 trillion, set out a comprehensive plan for improving the livelihoods of Guyanese citizens. Budget 2025 is expected to be presented early in the new year and will give effect to many of the measures President Dr Irfaan Ali had announced in October that would help with the cost of living. One of the key measures announced was a one-time cash grant of $200,000 for every household, which subsequently became a one-time cash grant of $100,000 for every adult Guyanese.
In addition to removing the residency requirement for receipt of the cash grant, the Government also extended the age eligibility. Initially, that cutoff age was set at January 2024. But now, Guyanese who are 18 years and older by January 2025 are qualified to receive the one-off payment.
Another significant measure was the president’s announcement of the Government’s plans to raise the public sector minimum wage to $100,000 per month by the end of 2025. According to Ali, this will be added to the increases for public servants that the PPP/C Administration has rolled out since 2020 including the special adjustments to the salaries of certain categories of teachers, public healthcare workers and members of the Disciplined Forces. Those measures had benefitted over 18,000 public sector employees. (G3)