Budget At A Glance – Ministry of Finance

03 Jan

By: MOF Communications Unit 1

Budget At A Glance 2019

“Budget 2019 has been crafted under the theme, Transforming the Economy, Empowering People, Building Sustainable Communities for the Good Life. It signifies a strategic shift in the trajectory of our development, as we seek to responsibly use the resources from oil and gas to shape our future through investing for growth and creating new industries and jobs. Budget 2019 prioritizes institutional strengthening across sectors, including strengthening public investment management; expanding opportunities for businesses to grow and flourish; and supporting Government’s green economy initiatives while aiming to support the development of the non-oil sector. Diversification is the core of what is required to accomplish these goals and, is even more important in the face of oil, especially to ensure that the non-oil sector flourishes and thrives, such that when Guyana’s petroleum reserves are depleted, the country can stand strong on a foundation that is diversified and resilient. Budget 2019 also zeroes in on the human side of development, with substantial resources dedicated to uplifting health and education, pure water supply and sanitation, driving the decent housing agenda, green energy, improving the drainage and transport networks and youth development, among other areas. All of this will be done in the context of improved macroeconomic fundamentals and sound public finances.”

Hon. Winston Jordan

Minister of Finance

Budget At A Glance 2019

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01 Feb

By: MOF Communications Unit 0

Budget At A Glance 2018

“This fourth budget is being presented at the middle of this Government’s first term in Office. Indeed, it was approximately two and one-half years ago, when the people of this great country of ours gave a mandate to a coalition of two parties – A Partnership for National Unity (APNU) and Alliance for Change (AFC) – to harness the energies and resources of our citizens to generate a popular platform for change in government and governance … we were never in doubt about the enormity of the task which lay ahead .. .We had to restore hope, inspire confidence and shape a new destiny for our country and our people. The Government was challenged to provide strong leadership to bring about development that was inclusive and environmentally- sustainable. In a situation where the economy’s growth trajectory depended on the primary stage production of the agriculture and mining sectors, we were challenged to change the narrative and to develop an economy that was more broad-based and diversified. Rather than being daunted by, and becoming frustrated with these obstacles, we have stayed the course, keeping our goal to build a better, more inclusive and unified society in sight.”

Hon. Winston Jordan
Minister of Finance Budget Presentation 2018

Budget At A Glance 2018

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01 Feb

By: MOF Communications Unit 0

Budget At A Glance 2017 – Pathway to the Good Life

Targets for 2017

1. Central Government revenue to increase by 6.4% to 186B.

2. Tax revenue to increase by 8.9% to 162.6B.

3. Excise tax collections projected to reach 34.4B.

4. Services sector to grow by 2.7%; growth to be driven mainly by an expansion in finance and insurance activities, and information and communication sub-sectors.

5. Construction sector to grow by 5%; the sector will benefit from rising infrastructure spending in 2017. Forestry sub-sector projected to grow by 5.8%.

6. Mining and Quarrying projected to grow by 7.9%.

7. Output of gold is targeted at 694,000 ounces, while bauxite is budgeted at 1,726,008 metric tonnes.

8. Manufacturing sector to grow marginally by 1.9% and light manufacturing by 1.2%. “Buying local” is vital for the expansion of our local manufacturing industries.

9. Agriculture, fishing and forestry projected to grow by 4.2%.

10. Sugar production to increase by 10.6%.