Budget 2026 signals irreversible shift to modern economy – PM

Prime Minister (PM) Brigadier (Ret’d) Mark Phillips on Saturday said Budget 2026 confirms Guyana’s “irreversible shift into a modern, high-performing economy”, supported by disciplined fiscal management, major infrastructure expansion and policies aimed at ensuring nationwide development. Speaking on the $1.558 trillion national budget, the largest in Guyana’s history, Phillips described it as “a defining statement of national direction,” noting that it is fully financed and implemented without the introduction of new taxes.
“This is not an accidental outcome,” the PM said, adding that “it is the result of consistent policy choices, competent leadership and an unwavering commitment to national development that reaches beyond Georgetown and into every community.” Phillips pointed to strong economic projections for 2026, with overall Gross Domestic Product (GDP) growth forecast at 16.2 per cent and non-oil growth at 10.8 per cent. Manufacturing is projected to grow by 12.9 per cent, construction by 25.4 per cent, and agriculture, forestry and fishing by 7.6 per cent. He said the figures reflect “an economy that is diversified, productive and resilient.”
The PM contrasted current economic management with past administrations, stating that “there was a period in this country when economic opportunity was filtered through political favour, when scholarships and land were accumulated by Ministers and their families and when taxation was the primary tool of governance.” He added, “That era has been closed.” Significant investment continues in education, with $183.6 billion allocated for the sector. According to Phillips, this includes the construction of more than 40 new schools, the expansion of hinterland dormitories, $5.8 billion for scholarships under the Guyana Online Academy of Learning (GOAL), free tertiary education, subsidies for Caribbean Examinations Council (CXC) examinations, and expanded technical and vocational training.
Healthcare has also been positioned as a national standard rather than a regional privilege, with $161.1 billion allocated for 2026. Investments include regional hospitals in Moruca, Bartica, Kato, Lethem, New Amsterdam and West Demerara; continued work on the Paediatric and Maternity Hospital; expanded dialysis services; the rollout of a national electronic health records system; and the training of more than 5600 health professionals. Phillips emphasised progress in hinterland and remote communities, describing recent initiatives as “structural shifts rather than pilot projects.”
He highlighted expanded electricity access through solar mini-grids, upgrades to distribution networks in Mabaruma, Matthews Ridge and Port Kaituma and increased digital connectivity through internet expansion and Integrated Service Centres. “When we speak about inclusion, it is not rhetorical,” the PM said. “It is electricity where there was none, internet where there was silence, and Government services delivered where people live.” Energy remains central to the country’s long-term competitiveness, with $119.4 billion allocated to projects including the Gas-to-Energy (GtE) initiative, expanded transmission and distribution networks, additional solar capacity and renewed development of the Amaila Falls Hydropower Project.
“These projects are economic infrastructure,” Phillips said, noting that “they determine production costs, industrial growth and national competitiveness.” Housing and community development have also been prioritised, with $159.1 billion allocated for the distribution of 15,000 house lots, construction of 8000 homes, issuance of more than 7000 land titles, continued development of Silica City, and community infrastructure upgrades across all regions. In addition, the PM highlighted direct income support measures, including the $100,000 national cash grant for adults, increased old-age pensions to $46,000 per month, transportation grants for schoolchildren and pensioners and tax measures designed to increase disposable income. Responding to opposition criticism, Phillips said those raising concerns “had the opportunity to govern and left behind higher taxes, restricted access and stalled development,” adding, “the facts are recorded. The country has moved on.”
He concluded that Budget 2026 “secures progress, expands access and strengthens the foundation for long-term growth,” declaring, “Guyana is not retreating. Guyana is advancing, and the benefits are being felt across the entire country.”