President David Granger, during the recent airing of the “Public Interest” programme, has promised that Budget 2016 is expected to encompass a variety of measures that will stimulate the economy, prevent noncompliance with tax authorities, provide employment opportunities, and promote social programmes that will foster national cohesion.
In offering viewers a glimpse as to what could be expected in the budget, the President said Government’s biggest priority was offering a stimulus package to jumpstart the economy.
He explained that the country needed to lessen its dependency on the six major economic pillars – rice, sugar, bauxite, gold, diamond and timber – and advance further towards “economic independence” by developing and expanding its productive sectors.
The President had previously hinted that investments in infrastructure and education would play an integral role in helping to reignite economic activities in the country.
Another major highlight of Budget 2016, the President said, would be more rigid measures to increase revenue collection, reduce leakages and tax evasion, and ensure compliance with the law and payment of workers’ National Insurance Scheme (NIS) contributions.
The President also disclosed that Budget 2016 would focus on creating employment opportunities through micro-financing in order to develop micro-industries. He noted that particular interest would be devoted to ensuring young people can participate in the economic growth of the country.
Meanwhile, through the Social Cohesion Ministry, the President noted that a critical feature of Budget 2016 would be to introduce social programmes that will promote national unity among Guyanese.