Credit to households, private sector surges since 2020 – Dr Singh tells National Assembly

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, has defended the 2026 National Budget, stating that economic indicators show increased financial activity among households and businesses since the People’s Progressive Party/Civic (PPP/C) returned to office.
Wrapping up the budget debates in the National Assembly on Friday last, Dr Singh responded to Opposition claims that the budget does not benefit ordinary citizens. He said more Guyanese families are working, earning and accessing credit, pointing to data from the banking sector.
According to Dr Singh, credit to households has almost doubled since 2019. In that year, credit to households stood at $33.5 billion. By the end of 2025, the figure had risen to $66.1 billion.
He also highlighted growth in real estate mortgages. At the end of 2020, total credit in this category amounted to $90.6 billion. By the end of 2025, it had increased to $185.4 billion.
Dr Singh noted that the number of vehicles being imported reflects increased household purchasing power. He told the Assembly that approximately 9999 motor vehicles are being imported every three months. Credit issued by the banking system for the purchase of motor cars rose from $10.4 billion at the end of 2020 to $33.3 billion at the end of 2025. In 2019, the figure stood at $9.3 billion.
He said the growth in credit indicates that more Guyanese are considered creditworthy by commercial banks, which he described as generally conservative in their lending practices. He added that households are accessing loans because they have stable incomes, savings and assets.
Turning to overall private sector lending, Dr Singh stated that total credit by the banking system increased from $259.8 billion in 2020 to $531.8 billion by the end of 2025. He said the financing went to businesses in agriculture, mining, manufacturing and services, as well as to households.
The Minister also referenced the allocation of US$100 million in the 2026 budget for the establishment of a Small and Medium-Sized Enterprise (SME) development bank. He said the initiative will allow small entrepreneurs to access loans at zero interest and with no collateral requirement. The aim, he explained, is to help businesses grow and eventually qualify for commercial bank financing.
Dr Singh concluded by reaffirming the Government’s commitment to economic growth and to ensuring that citizens benefit. He said Budget 2026 represents the first phase of the PPP/C’s manifesto commitments.
With the budget debates concluded, the National Assembly has moved on to the consideration of the 2026 estimates of revenue and expenditure for ministries and agencies. This process is expected to continue for several more days.