$552.9B Budget 2022 to kickstart rapid modernisation of Guyana

Senior Minister within the Office of the President with responsibility for Finance Dr Ashni Singh during the Budget 2022 Presentation to the National Assembly

In an over five-hour long speech, Senior Minister Dr Ashni Singh today presented to the National Assembly the PPP/C Administration’s $552.9B Budget 2022 which is expected to launch the most rapid period of transformation and modernisation ever witnessed in the country’s history.

The third budget of the PPP/C Administration, Budget 2022 was presented under the theme “Steadfast Against All Challenges, Resolute in Building Our One Guyana”.

“Budget 2022 provides for massive investment in infrastructure that will change the face of our country forever, opening vast new tracts of land for productive purposes, establishing entire new communities while connecting others, and making thousands of Guyanese homeowners for the very first time,” Dr Singh noted.

“This budget lays the basis for thousands of rewarding jobs to be created for Guyanese nationals, including by leveraging the local content opportunities that are now being created, and it provides for relevant training to ensure that the Guyanese workforce is suitably equipped. This budget also lays the cornerstone for a visible leap in the coverage and quality of social services enjoyed by our Guyanese brothers and sisters, including and especially the most vulnerable,” he added.

Of further significant importance, Budget 2022 is the first budget that will benefit from financing from the proceeds of Guyana’s new and emerging oil sector.

Government plans to withdraw from the Natural Resource Fund and transfer to the Consolidated Fund of $126.7 billion. The Natural Resources Fund currently has a balance of US$607.6M.

Budget Highlights 

Income Tax Threshold to increase from $65,000 to $75,000
“Because We Care” cash grant increased to $25,000
$28,000 for old age pension; $14,000 for public assistance
Every dialysis patient to get up to $600,000 yearly for treatment
Prices at pumps to reduce as Govt slashes excise tax again
Major tax reductions for importation of trucks, pickups
Govt to arrange monthly farmers markets to help consumer buy goods at better prices
Govt to build new Brickdam Police Station, connect entire country on CCTV cameras with $47.9B for security sector
New schools, more training for teachers as $74.4B budgeted for education sector
$73.2B proposed to build world-class healthcare system in Guyana
$2.1B to widen East Bank highway from Grove to Timehri
$21.1B for new Demerara River Bridge
Construction of Amaila Falls Hydropower Project expected to begin this year