Month: July 2019

27 Jul
By: MOF Communications Unit 0

Address by Minister of Finance at Linden Business Summit

Linden Chamber of Industry Commerce and Development

Business Summit, Watooka House

 (July 25, 2019)

Remarks delivered by Hon. Winston Jordan

Minister of Finance


Mr. Chairperson

Mr. Victor Fernandes

President, Linden Chamber of Industry,  Commerce and Development

Other Members of the Head Table

Distinguished Ladies and Gentlemen


Good morning!

I am honored to have been invited to address you at the opening of this inaugural Business Summit that brings together experts from the public and private sectors and the Diaspora. My deep appreciation goes out to the organizers of this Business Summit.  This event provides us with an opportunity to bring together a vital cross section of peoples and organisations dedicated to the sustainable development of the Linden community against the backdrop of the natural beauty of this region. Please allow me, Mr. Chairman, to extend a special welcome to everyone present, especially those from the Diaspora. I wish you a very pleasant and productive stay.


Mr. Chairman, though I keep a busy schedule, I am always happy to come and break bread with Lindeners, whenever I can. Since becoming Minister of Finance, I have visited Linden frequently, and have assisted in a number of areas, including providing beds for dormitories, lights, bus sheds and an early learning centre. I have also supported social and other worthy causes. This support comes from a minor vote, which comes under my purview. And I am always happy to assist within the constraints of the available resources.

Mr. Chairman, this Business Summit may be the first of its kind, but I certainly hope that it is not the last. I anticipate that it will evolve into an annual event. I am particularly happy to see here today, many participants from outside of Linden, but who are integrally involved with business and commerce in the town. I expect that this Summit will strengthen these ties, and that it will create new vistas in trade and commerce not merely in the business sector, but across the spectrum of positive people to people relations. In these turbulent times, where partisanship seems to trump partnership, one can only hope that that this Business Summit contributes to advancing the principles and foundation on which this Coalition Government was built.

I note from the programme, that this Business Summit will be addressing a number of key issues affecting business opportunities and development in Linden. While you are at it, I hope that you will also discuss green businesses and oil and gas, two emerging sectors that have the potential to shape Guyana’s trajectory in the medium to long term.

Mr. Chairman, I observe that the theme for this Business Week and Exposition is “New Horizons, New Opportunities in 2019”. Well we are way past half of the year, already. And, with a mere 5 months to the end of 2019, I am not sure about the suitability of this theme. However, it becomes apt if you were to drop “in 2019”. I would then find the revised theme “New Horizons, New Opportunities” to be fitting, at this juncture, when Guyana is poised to become a major oil producing country.

Mr. Chairman, I am here to reiterate that Guyana is open for business. Over the last 4 years, we have been constantly reforming and adjusting our policies, rules and regulations to make the investment climate more favourable, predictable, facilitative and friendly. This is unlike what we met, when we entered Office: a situation of who knew whom and who could have ‘hobnobbed’ with the then political elite, were favoured with concessions, prime land and property at peppercorn rates, and other giveaways. Today, those who benefitted are being called upon by their ‘handlers’ to show their appreciation by confronting the Coalition Government and the independent, Guyana Elections Commission (GECOM). My Government has taken the courageous step to remove this parasitic approach to one in favour of equity. In short, we want to establish a welcoming economic environment for all, not a select few. Among our notable achievements have been comprehensive reform and simplification of the tax system, including: reduction in Company tax for non-commercial companies from 30 percent to 25 percent; reduction in the Value Added Tax from 16 percent to 14 percent; increase in the VAT threshold from $10 million to $15 million; implementation of a special income tax rate of 25 percent for Small Businesses (This is in addition to the numerous concessions available to such businesses under the various Tax Acts); increase in the threshold for filing a property tax return from $0.5 million to $40 million, and reduction in the property tax rate on chargeable property; exemption from Customs Duty, Excise Tax and VAT on a range of capital equipment, intermediate and consumer goods; removed remaining restriction on accessing the Export Allowance to “soft currency” areas in Caricom; and made it easier for individuals and companies to get refunds of taxes from the GRA. At the individual level, we have reduced the personal income tax from 30 percent to 27.5 percent, increased the personal income tax allowance from $600,000 to $720,000 or 1/3 of gross income, whichever is higher; removed income tax from the employee’s contribution to NIS; and given equal treatment to Vacation Allowance across the public and private sectors. While these business-specific reforms have been direct, the tremendous increase in Government’s expenditure on health and education, housing and water, and the physical and economic infrastructure, while maintaining low, single digit inflation and a relatively stable and free exchange rate; and rigorous measures to fight corruption have contributed immeasurably to the facilitative climate for investment in Guyana. And weaving all these into a strong, durable fabric is the Green State Development Strategy (GSDS) which, in turn, is linked to the Sustainable Development Goals (SDGs), which we aspire to achieve by 2030. Permit me to say, too, that our reforms have extended to measures aimed at greening our economy, including the imposition of an environmental levy; the banning of Styrofoam used in the packaging of beverage, food and food products; removal of taxes on bio-degradable containers; the waiver of all taxes on motor cars and motor cycles; the lowering of taxes on new vehicles and tyres; the restriction on the importation of re-conditioned vehicles; and the banning of the importation of used tyres.

As a result of the bold, dynamic approach to economic reforms, we have recorded positive growth for each of the years 2015, 2016, 2017 and 2018. Indeed, in 2018, our real growth of 4.1 percent was the highest over the past 4 years and the highest since 2014. In the words of the recent Article IV Consultation Mission of the International Monetary Fund (IMF) – an impartial observer – this growth was spread across most sectors. It was to a large extent due to the energy and enterprise of private sector participation such as your good selves. And, many of you would, by now, be familiar with the report of a NASDAQ contributor, which was reported widely in the local press. Here is an extract, as reproduced in OilNow, an online news outlet:

Fueled by mega oil discoveries and production set to hit close to 1 million barrels per day by the mid-2020s, the South American country of Guyana is listed at number 1 among the 5 fastest growing economies in the world.

With a projected growth rate of 16.3% during the four-year period 2018-2021, a Contributor at NASDAQ, the second-largest stock exchange in the world, says Guyana is the fastest growing economy globally. “With a GDP size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021 respectively,”

With this great outlook for our country, it is truly amazing that we have those in this country who continue to peddle misinformation about the state of our economy and of our future. For too long, we have allowed a small, but influential group, to paint a negative picture of our country. It is time we change that narrative and begin to champion that panoramic view that shows the immense potential of this country, in general, and Linden, in particular.

We recognize the grave challenges we have to face and overcome. From the very beginning of our term in office, our Government identified as a national priority the imperative of bridging the coast with the hinterland, of the need to achieve balanced growth among our regions. In that framework, we recognize that, in spite of the progress made, there is a lot more that needs to be accomplished. We have to address economic and social issues that constrain greater progress and development in Linden. All of us must play a role in laying strong foundations for the sustainable development of this town.

Today, we should be focusing on all forms of investment which, when made with imagination and foresight, and implemented with responsibility and dedication, could play a crucial role in putting Linden’s development trajectory on track. So, this Business Summit should present to you a yet barely explored side of Linden— brimming opportunities and warm and friendly people, all eager to be part of the development adventure. Every dollar spent by our Government, every dollar disbursed by our development partners and every dollar invested by the private sector is a vote of confidence in the resilience and potential of Linden and its people.

Ladies and gentlemen, Region 10 should be congratulated for being the only region thus far to complete the Plan of Action for Regional Development (PARD). This is intended to guide the economic, social, environmental and other development of the Region. Our Government has put together a range of exciting investment projects to be implemented in Linden, inclusive of the Linden-Lethem road, of which the first leg – Mile Zero to Wisroc Junction – will commence in the third quarter of this year. We have secured financing from the Caribbean Development Bank (CDB) to design the Mackenzie-Wismar Bridge. Construction is expected to start in 2020. A study is currently on-going for the upgrading of the Soesdyke-Linden Highway, including the installation of lights. Already we have received a budget support loan, which Cabinet has determined will be used to finance the upgrade and lighting of the highway. Ladies and Gentlemen, coming out of the representation by the residents of Linden from the recent Government Outreach, is a decision to reconstruct the Christianburg Primary School at an estimated cost of $105 million. We have put in our pipeline a Linden Waterfront Development Project. Most important of all, we will ensure that the benefits obtained from these and other projects are shared equitably amongst the communities of Linden.

A sector scintillating with potential is tourism. It is the one sector that, perhaps, has the greatest potential for growth and to make Linden a destination town. Your Government recognises the importance of tourism in the development process, and has been putting the necessary infrastructure and policies in place to promote the development of the tourism sector in Guyana.  And we have begun to be rewarded for our efforts: as you are aware, Guyana was only recently recognized as the Best of Eco-Tourism destinations in the world. Linden is strategically located and endowed with tourism products to provide services at the international standards. The massive oil discovery has given Guyana prominence on the world map. The influx of tourist will continue to increase, so take advantage of this market niche that you have. You have the recently-renovated Watooka Guest House, which was once classified as the most prestigious of its kind in the then British Guiana. There must be some truth to this description when one considers the dignitaries who have stayed at this facility. This is the facility where many members of the royal family stayed, including Queen Elizabeth II. This tells me that there was much class and elegance attached to this facility. And so, I urge the current managers of renovated Watooka Guest House to return it to the same class and level of service that is offered to your customers.

Tourists crave extraordinary scenes like the Gluck Island, where the blossoming of Guyana’s National Flower and unusual species of caiman and otters can be viewed. The success of the Annual Rockstone Fish Festival that attracts large numbers of tourists, is another indication of Linden’s tourism potential

But let me emphasise that although you have great tourism potential, tourism cannot operate on its own. You need to create linkages with other types of businesses to expand and develop all sectors and increase economic gain. Tourists need good accommodation, they need food prepared to a certain standard, and they need entertainment. These should be some of the areas of focus in your short to medium term business plans. Take advantage of information technology to boost tourism. The internet can help to reduce cost, enhance operational efficiency, improve access to customers and improve service delivery.

Other sectors that offer great potential for investors include agriculture, livestock breeding, aquaculture and forestry, manufacturing, textiles and garment industry, power generation and distribution, education, health services, infrastructure and real estate, as well as industries that can produce value-added products for export. The potential of Linden, with its highly-skilled workforce, to contribute tangibly to the emerging oil and gas sector should be exploited vigorously. As you can see, the list of possibilities in Linden is long and it could go on expanding.

It is the foremost responsibility of a sovereign, democratically-elected Government to provide for the needs of their people in ways that nurture unity and harmony, particularly in a country such as ours, with its vast richness of diversity. Development for one should contribute towards development for all. And there is a role for all to play in working for responsible, visionary development grounded in goodwill, good sense, expertise, industry and creativity.

Our private sector partners, the Diaspora and our young entrepreneurs must bring an invigorating blend of urgency and pragmatism, a ‘can do attitude’, and a willingness to roll up their sleeves to get things moving. Your energy and enthusiasm, and your innovative approach can help to discover what others have overlooked, that is, the vast potential and promise of Linden and the wider region.

Distinguished ladies and gentlemen, the elevation of Linden to the status of a town, in 1970, was initiated because the Government of the day, the People’s National Congress, recognized that Linden was endowed with an abundance of resources, and had the potential to efficiently manage its own affairs. Let me emphasize, however, that although your community was one of the most neglected ones for a long time, your Government still has that positive view of Linden, and we will continue to support your endeavours to development this town and the Region. I’m aware that bauxite is a far cry from those halcyon days when the product defined Linden, but you have an abundance of other resources, and, if they are efficiently utilized, can make Linden into a major business hub, servicing all poles of the country.

The Linden Chamber of Industry Commerce and Development has a critical role to play in the economic development of this town. I expect that you will stimulate and galvanize economic development by creating and developing business opportunities and job creation. But to successfully achieve this objective there must be collaboration between the government and the business community. Success is a destination that you must define for this region.  It must represents the vision of a new vista; a new horizon; a new set of possibilities for the region – a change.  That means you will need new skills and competencies.  You will need to change to deal with success.

Change will be a key element in your journey.  Some people will resist change, and leaders are people too.  But when a leader resists change, it slows progress toward the new horizon even more because it is up to them to lead the way.

The journey toward this new horizon brings new challenges and opportunities.  How you handle these new challenges and opportunities will directly impact the speed at which you reach your destination, or if you ever reach your destination at all!  Without change, growth is not possible.  Without growth, new levels of success are out of your reach and you will never experience the new vistas that you seek.

And so, I am heartened by the fruitful discussions that have started between the Chamber and NICIL. It is my hope that stemming from these discussions you will be better equipped to help residents to turn what they know and do best into profitable small, medium and large scale businesses, and provide guidance and advice on business expansion and sustainability.

I understand that one of the main bugbears you identified in your meeting with NICIL is the regularization of industrial land, and I also understand that the Head of NICIL and the Head of the Guyana Lands and Surveys Commission (GLSC) are working to bring about a speedy resolution to this problem. The Linden Economic Network (LEN) financing facility is also accessible and I want you to encourage the people in this community to take advantage of this facility and narrow the financing gap.

Distinguished ladies and gentlemen, the impressive developments in the petroleum sector provide new opportunities for private sector businesses. The Government is putting in place an appropriate local content mechanism, but in order for local businesses to benefit from this new resource they have to operate at the requisite standards and pay close attention to the evolving demand for goods and services at every level of the oil and gas supply chain. An efficient Chamber of Commerce can play a critical role in this process by providing the necessary guidance and advice to its members and the business community.

Mr. Chairman, with the anxious arrival of first oil in 2020, our Government intends to pursue economic diversification while oil is profitable, to ensure that the country is not heavily dependent on oil revenue, to the detriment of other sectors. We will ensure that Guyana does not fall into the trap, like other oil producing countries, including some of our immediate neighbors that took this initiative only after oil revenues began to dwindle. Our Government is aware that the role of the private sector in the diversification process is inevitable, and we are facilitating private sector development and expansion by removing bottlenecks to doing business and making the business environment more attractive.  I have already outlined a number of reforms and measures that we have taken. You will recall, too, the introduction of the Trusted Trader Compliance Certificate, which allows for faster clearing of containers at wharves; and the Automatic Issuance of Temporary Income Tax and NIS Compliance Certificates. More recently, the passage of the Customs and Trade Single Window System Bill 2019 will allow parties involved in trade and transport to lodge standardized information and documents with a single entry point to fulfill all imports, exports and transit- related requirements. And, if you need to be reminded, an entire fiscal incentives regime has been in place for Linden and the Surrounding Communities for over two decades. It is unfortunate that advantage has not been taken of these bounties to turn Linden into a paradise.

Mr. Chairman, our new oil find is receiving attention globally. But your Government is aware that that oil resources are exhaustible and oil prices are volatile, hence the need for efficient planning to ensure that the revenues are spent wisely and the economy is insulated from shocks stemming from price volatility. I’m sure that you are familiar with the various unsolicited proposals in the press about what we should do with our new found wealth. At the level of Cabinet, we have not discussed any of those or other proposals. What I can say, however, that the business community, especially Small Businesses, can expect support both in terms of access to affordable financing, additional concessions and more tax reforms to stimulate businesses. I hope that your Chamber will play an integral part in determining how we should use our new found wealth.

To safeguard against the risks stemming from the petroleum sector, the Natural Resource Fund Act (NRFA) was passed in the National Assembly, in January of this year; we are now in the process of putting the relevant systems in place to operationalize the Fund. The private sector has a critical role to play in the administration and oversight of the NRF. Among other things, the Act stipulates that representatives from the private sector must be part of the Public Accountability and Oversight Committee and the Macroeconomic Committee. I am happy to report that we had received the full support of the immediate past leadership of the Private Sector Commission (PSC). We have written to the PSC to name their two representatives, and we hope that the new leadership will move with alacrity to do so.

In closing, let me once again congratulate Linden Chamber of Industry Commerce and Development for organising this Business Summit. I would like to invite you to join in making this Business Summit the successful launching of a great economic venture. Our Government will champion all those who invest responsibly, who respect the environment and who have at heart, the achievement of peace and prosperity of our people.

I look forward to a time when we can look back on this Summit, not just as the dawning of a splendid new era in the history of sustainable development for Linden and Region 10, but also as one of the landmarks of economic progress in Guyana.

Ladies and gentlemen, I thank you for the courtesy of your attention.




To view more images of this event visit our gallery.

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18 Jul
By: MOF Communications Unit 1

Guyana First Voluntary National Review High-level

The undertaking of the First Voluntary National Review has been, as expected, a technical, data-intensive process. Guyana has been and remains committed to evidence-based reporting and results-oriented planning. The VNR process aligns with these commitments and further reinforces the importance of strong data systems and institutions. Notwithstanding the late confirmation of Guyana’s participation at the High Level
Political Forum 2019, the country undertook what should have been a nine to twelve month review process in just under six months. A key consideration in developing the VNR is the desire to comprehensively tell Guyana’s story, supported by as much as data as possible.

The review process began with the development of a data collection tool by the Ministry of Finance which was issued in January 2019, to all Budget Agencies. A high-level VNR workshop was also hosted, in March 2019, which sought to improve awareness, understanding and ownership of the SDG Targets, facilitated technical group discussions on indicators and, ultimately, attempted to accelerate the data collection process required to prepare the VNR. Over the subsequent months, the varying capacities across agencies demanded the Ministry of Finance work closely with the Budget Agencies in one-on-one sessions to assist in various capacities including:

1) understanding some of the SDG Targets

2) self-assessing the relevance of existing data and indicators to the SDG Targets

3) developing new indicators based on existing data sets and

4) advising on areas of future focus for planning.

The VNR process, including stakeholder engagement, was also supported by the Ministry of Foreign Affairs and the Ministry of the Presidency.

First Voluntary National Review High-level

The undertaking of the First Voluntary National Review has been, as expected, a technical, data-intensive process. Guyana has been and remains committed to evidence-based reporting and results-oriented planning. The VNR process aligns with these commitments and further reinforces the importance of strong data systems and institutions. Notwithstanding the late confirmation of Guyana’s participation at the High Level
Political Forum 2019, the country undertook what should have been a nine to twelve month review process in just under six months. A key consideration in developing the VNR is the desire to comprehensively tell Guyana’s story, supported by as much as data as possible.

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16 Jul
By: MOF Communications Unit 0

Remarks by Finance Secretary, Michael Joseph at opening of Supplies Bond – Ministry of Public Health

Brief Remarks On The Occasion Of the Official Opening of the

Newly Constructed Central Supplies Bond Of the Ministry of Public Health

July 10th 2019

 “Each of us is carving a stone, erecting a column, or cutting a piece of stained glass in the construction of something much bigger than ourselves”

Adrienne Clarkson


Madam Chairperson, Mrs. Michaella Abraham-Ali

First Vice President and Prime Minister, Hon. Moses Nagamotoo

Minister of Public Health – Hon. Ms. Volda Lawrence

Minister of Social Protection –Hon. Dr. George Norton

Auditor General – Mr. Deodat Sharma

Deputy Permanent Secretary, Ministry of Public Health – Mr. Glendon Fogenay

His Worship, the Mayor of Georgetown – Mr. Pandit Narine

Members of the Diplomatic Corps

Distinguished Ladies & Gentlemen

Members of the Media

Ladies & Gentlemen

Boys & Girls


I bring you greetings and best wishes from the Minister of Finance, Hon. Winston Jordan, who regretfully couldn’t be with us, as duty calls elsewhere, and so he has requested of me to deliver these brief remarks.

However, let me hasten to assure you, that the duty which has caused Minister Jordan to be absent from this event, has nothing to do with incarceration.

The commissioning of this state-of-the art CENTRAL SUPPLIES BOND of the Ministry of Public Health has been long in coming. It has replaced an old wooden structure of 1,248 square feet, easily prone to leakages and flooding, when it rained.

The old building stored medical and non-pharmaceutical supplies such as gloves, janitorial supplies, printing, promotional and other capital goods.

The physical condition of the old structure while proving inadequate in space to store the vast supplies required to service the seven (7) programmes of the Ministry of Health, also exposed the stored stock to deterioration, mold and mildew, fading and discoloration of stationary and inventory, caused by leakages and non-temperature storage control.

The ensuing damages to stock, reduced the lifespan of affected stores, and in extreme cases, made some affected stock un-usable, thereby delivering less value for money spent, and unnecessarily inflating budgetary expenditure.

These sub-optimal, inefficient and uneconomic outcomes, led to discussions between the Ministry of Public Health and the Ministry of Finance, resulting in the provision of budgetary support for the construction of this newly built state-of-the-art facility, at which we are now gathered to commission.

Constructed at a cost of 539 million dollars, this new facility is 11,520 square feet or almost 10 times its former footprint.

Fitted with an Office Alarm, Security and Voice Paging Systems, and modern air-conditioning, the floor space accommodates a staff room, conference room, kitchenette, documentation room, an accounts and secretarial department, and a records room.

Built of steel portal frames, with corrugated sheeting, reinforced floor with Terrazzo tiles, it stands to address the shortcomings of inadequate space and poorly stored inventory stock.

It is the expectation of the Ministry of Finance that this new facility will be used as intended, and that it will be well kept and maintained. We do hope that should we undertake an ex-post cost-benefit analysis in the future, that the economic, financial, social and environmental benefits will far out-weigh the financial outlay of 539 million dollars, expended to date.

It is said by Walt Disney, that; “you can design and create the most wonderful place in the world. But it takes people to make the dream a reality.”

And so, it would be remiss of me, should I fail to recognize the efforts of the main contractor, Mr. Ivor Allen, and his team of construction workers, the In-House Engineer of the Ministry, the Minister of Public Health – Hon. Volda Lawrence -, and her staff of the Ministry, who labored to see the dream of this state-of-the-art Central Supplies Bond becoming a reality on the premises of Lot 1, Mudflat, Kingston, Georgetown, in Region 4.

In closing, I wish to implore us all, to resolve to carve a stone, to erect a column, or cut a piece of stained glass in the construction and fashioning of a modern Guyana that can deliver the good life in our lifetime and for generations to come.



Michael B. Joseph

Finance Secretary

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11 Jul
By: MOF Communications Unit 0

Address by the Hon. Minister of Finance On the Occasion of the Launch of the Budget 2020 Sensitisation and Training Sessions

Address by the Hon. Minister of Finance

On the Occasion of the Launch of the Budget 2020 Sensitisation and Training Sessions

July 11, 2019 – Arthur Chung Convention Centre

Welcome to this very important session on the 2020 Budget Preparation. For those who understand budgeting, we would recognise that a budget cycle has a life of its own. There is a preparation stage within Budget Agencies, consideration by the Ministry of Finance at the budget hearings, proposals to Cabinet, then proposals to Parliament, followed by the Budget Speech, Parliamentary debate and consideration of theEstimates. After passage of the Budget, we move to the implementation of the Budget, which includes monitoring and evaluation to ensure that performance is being tracked.  Finally, we have the oversight and audit of the Budget and then the cycle repeats itself.

I have given that brief outline of the Budget cycle because, in this silly political season, you have politicians and wannabe politicians who are bent on creating mischief, seeking to whip up hysteria and confusion with the dissemination of fake news. Then, you have their acolytes and followers who exhibit Pavlovian behaviour. For those who do not know, that behaviour is named after the Russian physiologist, Ivan Pavlov, who, during the 1890s, was researching salivation in dogs in response to being fed. He discovered that any object or event which the dogs learned to associate with food would trigger the same response. It is called a conditioned response or a Pavlovian response. We have several persons in the business community, in civil society and other organisations who exhibit this type of behaviour, an automatic response conditioned by the signal from their master to react in a now familiar manner. So, like their master, they trot out the view that we should not start budget preparation because Elections are due, and that in so far that there is a government, it is only a Caretaker Government. Let it be known that our Constitution does not provide for a Caretaker Government. Parliament has not been dissolved; is still in session. And this Government, in spite of the successful passage of the No Confidence Motion, still retains a majority. It was only last night that someone from the Diaspora was saying to me, “Why don’t y’all get someone from the Government side to bring a Confidence Motion since y’all have the majority.” I never thought of that before, but it is food for thought.

Today we find ourselves, as is traditional, in the Guyana budget cycle, at the early stages of preparing Budget 2020 having concluded work on Volumes I and II of the Green State Development Strategy – Vision 2040 –, earlier this year. We now have a long term development strategy to guide our thinking in shaping the policies and programmes for our sectors. Later this morning you will be hearing more about the content of that Strategy. Many of you would have participated in the formulation of Vision 2040.At its core, is the realisation of a strategy that envisions “an inclusive and prosperous Guyana that provides a good quality of life for all its citizens based on sound education and social protection, low-carbon resilient development, new economic opportunities, justice and political empowerment.”

The core concepts within the GSDS are:

  • Transitioning to renewable energy,
  • Green towns urban public spaces,
  • Sustainable management of natural resources,
  • Green and inclusive economic diversification,
  • Building our human capital and institutional capacity,
  • Good governance, transparency and knowledge management
  • Resilient infrastructure

These concepts will guide our budgeting for 2020 and beyond.Next year is certainly a propitious one. Guyana is about to join the world of oil producing nations! This will mean substantially improved fiscal space, that is, room for spending substantially more on goods and services and the public sector investment programme. If we effectively manage the petroleum resources that are anticipated to flow from this new revenue stream, we will be able to accelerate the pace of economic transformation and development that hitherto we have yearned for but which has proven to be elusive to date.

In order to ensure good governance and transparent management of our petroleum resources, we have ensured that a carefully-considered legislative framework is in place. This framework has had the benefit of extensive consultations and advice.  Technical assistance has been sought to build capacity to operationalise this legislation and progresshas been made to ensure the transparent flow of resources from the oil companies to the Natural Resource Fund and into the National Budget takes place.You know, it is only a few days ago that I was forced to remark that we as a people have been so long in the doldrums that we do not know how to accept the fortune that has been gifted to us. Thus we wallow in defeatism and negativism, instead of celebrating and being happy for our improved economic position. Often, this state of affairs is led by some in the media. In this regard, a recent editorial in one of the daily newspapers was questioning the progress made to operationalise the Fund. This was after previous editorials in which they sought to impugn the validity of the passage of the NRF Act because it took place in the aftermath of the No Confidence Motion and in the absence of the Opposition. Well, my answer to that is that the Parliament was still in session and the Opposition chose not to turn up, which is typical behaviour.

The withdrawal rule from the Fund to the National Budget will allow for front loading of development spending while still retaining sufficient resources to be saved for future generations and to be used as buffer, given the fickle nature of oil prices. Over time it is expected that the investment of those savings will result in interest earned to feed into the National Budget long after oil is finished.

How do we ensure that we are ready to take advantage of these resources? First, we must develop the skill sets that can readily support the petroleum and non-petroleum sectors of our country. Every single Region must have a regional development plan that is able to realise the objectives of the GSDS in their own right. Plans of Action For Regional Development (PARDS) have already commenced with Region 10 and 9 being substantially advanced in terms of guiding their Budget 2020 interventions. We must use the lessons learned from the two experiences of developing the PARDS to accelerate the development of regional strategic plans in the eight remaining Regions.Both traditional and non-traditional sectors must be explored to take advantage of the comparative advantages that we possess as a nation. Supportive infrastructure and renewable energy must serve to catalyse the necessary development to transition the hinterland regions to high-performing regions, where service delivery can be comparable to the coast. Indeed, I look forward to the day when coastlanders can journey to the hinterland to live and work with the same level of anticipation as many have done to go to yonder shores. I look forward to the day when the high schools in Mabaruma, Kamarang and Parmakatoi are able to deliver the same quality of education as a top performing high school in Georgetown. I look forward to the day when the maternity patient is able to deliver her baby comfortably and safely in the hospital in Region 7, just as she would be expected to do in our national referral hospital.That is what we need to work towards; that is what we have to deliver; and that is what you, as Heads of Budget Agencies and senior officials in the public service, must reach for and work towards the transformation and development of our nation through every budget cycle. Surely, this is the only pathway to the good life, to which we all aspire.

Getting there is about rolling up our sleeves, putting our shoulders to the proverbial wheel and getting the work done.It’s about putting the systems in place and the institutional strengthening that is required. Addressing the data gaps in our respective agencies is critical to ensuring that we are able to measure our achievements, as we go forward, to determine, based on evidence, what is working and what is not; what needs to be reformed and what needs to be removed. And I am sure that many of these gaps have been highlightedbefore, since all of you have worked with us in preparing the Voluntary National Review of the SDGs.I urge you to continue consulting the stakeholders of your sectors as you prepare your budgets.

Strengthening our systems of monitoring and evaluation (M&E) continues to be a priority. The level of training in key concepts of M&E has been scaled up over the last three years. As a result, almost 700 public servants have been trained with the intention of them returning to their agencies and applying their newly acquired knowledge to their work and to ensure the successful implementation of each successive budget. This week, we commenced what I think is a first in strengthening our public investment management –the training of a core set of Budget Agencies on how to develop their project concept notes from a more scientific basis, so that we can ensure that projects coming into the budget are criteria-based and clearly demonstrate linkages to achieving a Green State.

We have continuously lamented the sloth of implementation of the Public Sector Investment Programme.A closer examination of the reasons reveals that it is a combination of poor management and ineffective planning, but, also, in many instances of civil works.Further, the absence of an adequate number of engineers has compromised the pace and quality of infrastructure development. In addition, acceleration of our PSIP has been strained by incapacity in the private sector. These problems imply a holistic approach to solving. One aspect of that solution must be improved conditions of service, salary and allowances. In that regard, salary improvements to attract higher number of qualified engineers to the central government is under active consideration; it is expected to be approved, shortly. Teacher remuneration has seen continuous improvement over the last few years as well as the salaries of public servants.All categories of workers have benefited fromsignificant reduction in income taxes and substantial increases in the income tax threshold.All of this has taken place in the context of low single digit inflation, rising economic growth and improvement in the social and physical infrastructure – roads, lighting housing, water, and so on. His Excellency has appointed two high-level committees to examine wages and salariesand allowances in the Teaching and Public Services. The one for the teachers is already up and running while the one for the public service is taking a little time to get going. The Government has already named its members to this Committee and we hope that it will get down to the important task, soon.Regardless, I can say with confidence that public servants will get an increase in wages and salariesthis year, and can expect a bigger increase in wages and salaries next year, after we would have won the General Elections.

However, increases in remuneration must be matched by improvement in performance and overall delivery of public services. Managers must manage and supervisors must supervise. Productivity must rise, if we are achieve a modern, competitive nation. It is difficult comprehending why we have to install electric time clocks to track the punctuality of workers and their comings and goings during working hours. And the tracking cannot only relate to the ordinary worker. It has to be enforced from top to the bottom. Too many senior personnel are featuring on Facebook and other social media during working hours, when they should be attending to the public or otherwise engaged in activities for which they are being paid. Irrespective of our impending new status, more money will mean nothing to us, will not result in our advancement, if we are not disciplined in our approach and outlook.

Above all, we must remember that we are public servants.This means that we are here to deliver quality service to all residents of Guyana.We must be driven by results, not consumed by process. Assessing the performance across all sectors is a critical component to ensuring that we stay focused on the target of achieving a diversified, resilient, low-carbon, people-centred vision as articulated by His Excellency President David Granger.

As a former Secretary to the Treasury of the US, Jack Lew, once said “The budget is not just a collection of numbers, but an expression of our values and aspirations.” So, I urge you to translate our national aspirations into effective results-based budgets.

In this politically charged environment, it is easy to become distracted or side-tracked. My admonition to you, my charge to you is to stay professional, stay focused. Leave the politics to the politicians. I am so happy that you turned in your numbers today, and that you eschewed the rantings of the political Opposition who were urging you not to follow the Budget Circular. Continue to work hard and believe. Three decades ago, we were a debt-ridden, pariah state. Today, we have been identified as the fastest growing economy in the world by NASDAQ. This glowing accolade was preceded by a very favourable assessment of our economy by the recent Article IV Consultation Mission of the IMF, and by the CDB and ECLAC. Guyana is on the rise, Guyana is on the moving forward in the right direction. You can feel it, you can see it. Just witness the influx of many people from Caricom countries and further afield, as they seek their fortunes here. It is for us, as Guyanese to unite among a common cause, put aside our differences and concentrate how we can share our country’s prosperity. The time is now! We either seize it collectively, or lose it individually.

Thank you!

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08 Jul
By: MOF Communications Unit 0

Education Sector Improvement Project (GESIP) P159519


  • Meet with UG Faculty of Health Sciences staff and the project team to review implementation progress of Component 2.1, Strengthening the teaching Capacity
  • Provide technical assistance and identify next steps

Mission Leader: Kate Mandeville –Public Health Specialist

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08 Jul
By: MOF Communications Unit 0

Inclusive Economic Management in the Caribbean Programme (SEMCAR Phase 11) P160774

Date: July 8 – 12, 2019


  • Provide technical assistance to the Ministry of Finance to strengthen the public financial management and public investment management processes in Guyana to enhance their contribution to economic growth and climate resilience
  • discuss the elaboration of a policy framework to underpin the development of medium term Public Investment Plans
  • deliver training to officials of the Ministry of Finance and other line Ministries and Agencies climate-sensitive cost-benefit analysis and appraisal methodologies for application in public investment projects
  • provide technical assistance to develop the Terms of Reference for the design of an Integrated Financial Management Information System Enterprise Architecture
  • continue the collaboration with the Guyana Revenue Authority to analyse the data that will inform the elaboration of the Economic Diversification Strategy Study.


  • Onur Erdem – Public Sector Specialist (Team Leader)
  • Johannes Herderschee – Senior Economist
  • Tanida Arayavechkit – Poverty Economist
  • Fernando Fernholz – Director of the Program on Project Appraisal and Risk Management
  • Natalia Garcia Pena Bersh – Consultant
  • Jerry Henzel & Ivan Smolenova – eGovernment Consultants
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