The End of Year Outcome Statement for the year 2019 is being presented as an update to the Mid-Year Report of 2019, instead of the usual update to the end of year projections that would have been included in the 2020 National Budget to Parliament, in November 2019, as part of the established annual budget cycle. As is well-known, this did not happen because of the political situation that unfolded, which necessitated the holding of General and Regional Elections before the due date. In light of those developments, Parliament was dissolved on December 30, 2019, resulting in the postponement of the preparation and presentation of the 2020 National Budget to a date to be determined in 2020. Budget 2019 was presented under the theme “Transforming the Economy, Empowering People, Building Sustainable Communities for the Good Life,” and was the second earliest presentation in the post-Independence history of Guyana.
This report is prepared pursuant to Section 67 of the Fiscal Management and Accountability Act (FMAA) 2003 that prescribes that a mid-year report shall be produced in a manner and format prescribed as follows: “A mid-year report shall include – (a) an update on the current macroeconomic and fiscal situation, a revised economic outlook for the remainder of the fiscal year, and a statement of the projected impact that these trends are likely to have on the annual budget for the current fiscal year; (b) a comparison report on the out-turned current and capital expenditures and revenues with the estimates originally approved by the National Assembly with explanations of any significant variances; and (c) a list of major fiscal risks for the remainder of the fiscal year, together with likely policy responses that the Government proposes to take to meet the expected circumstances.”