| GEORGETOWN, Guyana – Guyana’s Finance Minister, Ashni Singh presented a $142.8 billion 2010-2011 national budget that will see increased emphasis on economic expansion, social sectors and infrastructure.
Minister Singh in his presentation to the National Assembly on Monday said this year’s budget will build on the gains over the past years as the administration works to move Guyana forward.
Presented under the theme: “Consolidate, Transform, Sustain”, this year’s budget is the largest ever in Guyana’s history and will see marked growth in almost every sector.
The overall real growth in gross domestic product is projected at 4.4 percent, with non-sugar economy projected to grow by 3.4 percent” Singh said.
The minister said growth is expected in almost every sector, with the troubled sugar sector set to see production hitting 280,000 tonnes, 19.8 percent above last year.
He noted that in agriculture, despite some sectors not poised to reach the maximum, satisfactory growth is expected, with mining, and services also set to grow.
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| Dr Ashni Singh |
The minister added that the monetary policy will continue to be aimed at maintaining stable prices and a responsive exchange rate, “While fostering private sector growth with inflation rate is targeted at 4 percent, in anticipation of some continuation in the recovery of commodity prices,”
Exports are also anticipated to grow significantly, while revenue collection is set to top $94.1 billion this year.
“Total expenditure is projected at $135.9 billion, an increase of 6.6 per cent over the 2009 level. Of this, current expenditure is projected to grow by 8 percent to $86.9 billion, while capital expenditure is projected to increase by 4.2 percent to $48.9 billion.” Singh outlined.
The finance minister added that government will continue its legislative agenda, with enactments ranging from strengthening the financial sector such as by fighting money laundering on the one hand; to safeguarding society’s most vulnerable, including children.
“This is the promise of this PPP/Civic government to the people of Guyana, that we will neither be distracted nor diverted from the task of building our country… this is equally the exhortation of this PPP/Civic government to the people of Guyana, that we must as a nation neither be distracted nor diverted from the task of working together to build our country, “ Singh concluded.
The budget is also places emphasis on information and communication technology, the low carbon development strategy transforming the economy and tourism.
The minister in his presentation also reflected on the performance of the local economy in 2009 which saw an overall growth of 12.3 percent. (Caribnet) |