Govt aiming to create opportunities for intergenerational wealth – Min Todd

The massive economic interventions being made by the PPP/C Government are being strategically rolled out to ensure Guyanese enjoy an improved quality of life while generating wealth for future generations.

Foreign Affairs and International Cooperation Minister Hugh Todd has said the Government wants future generations to also benefit from the economic transformation the country is experiencing. To this end, the administration is creating policy, economic and physical spaces for citizens and their descendants.
“The wealth is generated by you, the people… that wealth is what we want to be intergenerational, so that you can hand over to your kids, your kids’ kids, and we can have that intergenerational equity that is built up, that will last,”
the Minister said as he spoke with residents of several communities in Region Five on Wednesday.
Intergenerational wealth is the distribution or transfer of assets from an older generation to the younger generation. The assets include businesses, properties, commodities, and other financial securities which can play an impacting role economically and socially.
Government’s plan to distribute at least 50,000 house lots to Guyanese during its first term in office is seen as a major springboard for the creation of generational wealth. Over 10,000 house lots have already been distributed countrywide.
The Government has also opened avenues for Guyanese to access funding for small businesses through the Small Business Bureau’s (SBB’s) Small Business Development Fund – another opportunity for economic prosperity for citizens. Hundreds of millions of dollars have already been disbursed over the last two years.
Recognising that home ownership is an important achievement in every family, the Government has increased the mortgage ceiling for housing loans from $12 million to $15 million, to ensure home ownership is more accessible to Guyanese.
More specifically to Region Five, President Dr Irfaan Ali recently introduced the black belly sheep project there, which will see some 1,000 breeding sheep being distributed to farmers. Another 1,000 would later be imported. For this project, the Government is targeting at least 20 percent women and 35 percent youths.
As Government consistently implements initiatives to govern the nation, Minister Todd noted, key focus is being placed on every citizen. “So while we focus on the economic side, ensuring that we can create wealth that is intergenerational, we are also looking at development across-the-board, because now that we have a lot of financial windfalls that we will get from oil and soon to be gas, we still have to ensure that we can cater for each and every one,” Minister Todd said.