The Government of the Cooperative Republic of Guyana’s (GCRG) strategic trajectory to 2020 and beyond, is pillared on the thematic of ‘A Good Life in a Green Economy,’ underpinned by robust economic growth that is equitably distributed, good governance and environmental sustainability.
Guyana’s Vision 2020 articulates GCRG’s developmental priorities, central to which are: bridging the coastal and hinterland divide; economic diversification; infrastructural improvement; and agricultural, social and human development.
The objective of this strategy is to enhance the employment-generation potential of the economy and raise the quality of life of all sections of the population.
To attain this objective, Government will invest heavily in catalytic physical infrastructure; renewable energy and the environment; agricultural diversification; agro-industrial development; education and training; and information technology. These prioritized interventions will focus on programmes geared towards critical economic diversification initiatives which are needed to ensure economic growth and stability and the development of non-traditional economic sectors, particularly through the raising of value-added in both traditional and non-traditional industries.
These interventions are intended to transform the Cooperative Republic of Guyana into a highly competitive, diversified, technologically advanced, high-income services and knowledge economy, fully integrated into the new global economic environment.
To finance this ambitious developmental programme, Government is creating the appropriate policy and institutional and legal frameworks for encouraging the private sector to participate more fully in procuring and financing infrastructural projects and services in the public sector, through well-designed Public Private Partnerships (PPPs).
PPPs are long-term relationships between public and private sector entities that will bring private sector resources, including financing, technological, technical and managerial expertise to create infrastructural projects for public good. Such relationships are intended to ensure that the investments are solid and sustainable, and that they contribute to the improvement of public finances and the expansion of fiscal space.
PPPs require strong legal, policy, appraisal, approval and monitoring arrangements to guide policy decisions and to enforce Public Private Partnerships agreements.. In this regard, the Ministry of Finance has solicited and secured the assistance of the Caribbean Development Bank (CDB) for the formulation of a PPP Policy and Legislative Framework for Guyana. This Policy and Legislative Framework will guide national efforts in establishing PPP’s as a vehicle for financing and implementing key national development initiatives.
On November 27, 2017, for the second consecutive occasion, the National Budget was presented to Parliament before the start of the fiscal year and one day earlier than the previous year, making it the earliest Budget in over four decades. The Budget for the Financial Year 2018, themed The Journey to the Good Life Continues, maintained this administration’s priority of delivering a timely budget, in order to support economic management, financial management and effective implementation of Government’s policies. By presenting Budget 2018 before the beginning of the fiscal year, Budget Agencies continued to have an improved opportunity to plan and implement their annual budgets, thereby allowing programmes that are critical to our country’s development to move forward with greater efficiency.