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Guyana’s national budget has surpassed a trillion dollars for the first time, buoyed by oil sales from ramped up production offshore, and the country’s president says the measures announced Monday are intended to ease the cost of living, add more money to the pockets of ordinary workers, and lead the country to prosperity.

“Together, we are building a stronger, more prosperous, unified country for all of our people. This is the mission; no one will stop us in making your life better,” Dr Irfaan Ali said from his presidential home in Georgetown.

The budget, totaling $1.146 trillion with no new taxes, was presented by Finance Minister Dr Ashni Singh in the National Assembly. It’s 46% more than last year’s budget.

“This is the Guyana we are building, one in which basic needs are met for all, one where opportunities abound for wealth creation by all, and one where we are fully integrated into the global economic system in a manner that allows Guyanese nationals and Guyana businesses to participate in and benefit from the economic opportunities that are emergent in this new era of Guyanese prosperity,” Dr Singh said in presenting the budget.

It’s the fifth budget the PPP/C government has presented since it regained power in 2020.  Dr. Singh stood for more than five hours, reading his 108-page speech, never taking a break – except to throw jabs at the opposition and take sips of water.

Among the measures he announced were these:

• Anyone working $100,000 or less will pay no income tax
• The student loans of UG graduates will be wiped out
• Every child in public or private school will now get $45,000
• Stable fuel prices will remain with zero tax on importation
• Shipping charges will remain below pre-pandemic levels
• More than 20,000 citizens will take home $40,000 from a part-time work programme
• Increasing the Old Age pension to $36,000 and increasing the minimum NIS pension to $45,075

The PPP/C government continues spending the way it has done over the years, saying this is focused on bridging any inequality gaps.

Public infrastructure received the largest allocation – $204 billion. A good chunk of it is focused on building roads in communities across the country and continuing massive bridge and road projects, include starting the bridge across the Corentyne River, possibly finishing the four-lane high-span bridge across the Demerara River.

The other big spending will be in these sectors:

• Education $135.2 billion
• Health $129.8
• Agriculture $97.6 billion
• Security $90.6 billion
• Housing $78 billion
• Social Services $48.3B

The budget is funded in large part by the petroleum sector. With three production platforms now in operation, there could be 202 lifts of crude oil this year. Guyana’s share of the bounty, along with royalty payments could mean over US$2.3 billion – that’s more than the total budget of the country in 2020.

From last year’s sales, $240 billion can be withdrawn from the oil fund this year and placed in the Consolidated Fund, the account in which the government deposits taxes and revenues, and can then use it to meet expenses catered for in the budget.

Realising the funding needs for the development agenda and the social services it is pushing would require a “flexible approach to financing”, the government has already made out a case for how it can access finance.

Dr Singh announced that the government plans to increase the domestic and external debt ceilings.

He said this “will provide the flexibility needed to optimise on the financing mix while at the same time safeguarding our debt sustainability.”

In addition, the government wants to revise the rules for withdrawing from the oil fund so that it can take out more than it had originally planned for when the Natural Resource Fund (NRF) law was passed.

The NRF law determines how the country’s petroleum revenues will be spent – this includes monies earned from oil sales, royalties and any signing bonuses.

The law stipulates that in any given year, US$500 million can be withdrawn. If the government wants to take out more, it can do so by taking out 75% from the second five hundred million, 50% on the third five hundred million, 25% on the fourth five hundred million, 5% on the fifth five hundred million and then 3% of any amounts in excess of US$2.5 billion.

The Finance Minister announced that the government wants to see “an upward revision to the NRF withdrawal amount” to take effect from this fiscal year.

“The revised withdrawal rule will retain the important feature that, as production and revenue ramp up further, an increasing share of the inflows into the NRF will be saved relative to the share transferred to the Consolidated Fund to finance national development priorities,” Dr Singh stated.

After the budget presentation, the President immediately brushed aside any potential criticisms of the budget, saying any detractors are “those who can see no good” and “those don’t have the conscience to acknowledge what the government is doing.”

Junior Sinclair celebrates a wicket in CPL (Photo by Ashley Allen – CPL T20/CPL T20 via Getty Images)

A tall off-spinner, Sinclair is 22 and has performed well enough to make it into the West Indies Emerging team that took on Ireland in 50-over games recently, and he relished the chance to represent the region.

“I always wanted to put on that maroon. It was good, definitely a learning experience for me. I learned a lot, the coaching was very helpful. I was trying to get as much as I can while I was over there working with the coaches on all aspects of my game.”

Sinclair was just 12 years old when the first CPL match took place, and he has always wanted to be part of the Amazon Warriors set-up, so getting to represent his home franchise is a dream come true.

“Growing up I was wanting to be a part of the Warriors team. I always want to be here, my style of game, and also the format. It is great that I could actually be a part of such a franchise and the CPL set-up. The CPL gave me a call for the West Indies Emerging team earlier this month, so it has played a significant part.”

Having been a Warriors fan for so many years, Sinclair describes being part of the team that won the title in 2023 as “surreal”.

“Prior to me getting into this squad I was always looking forward to that championship moment for the Warriors. From the inception in 2013, Guyana was regarded as one of the most consistent franchises, but never place hands on that trophy. To actually be a part of that team that won it for the first time, that was a dream come true. When I get home after the tournament, reflecting back on it, it was like “wow”, it’s such a beautiful thing to actually be a part of that team.

“It is a very, very, friendly environment. Everybody is so loving and camaraderie between everybody. So, you know, it’s very good. I enjoy every moment, every second of it.”

Champions! Guyana Amazon Warriors won their first title in 2023

Sinclair is full of praise for everyone involved in the triumphant Warriors team, but he picks out the captain, Imran Tahir, as someone who has played a big part in this year’s success and in terms of helping him with his career.

“Imran Tahir is someone you can approach. We had a lot of talks and he asked me questions and he tried to pick my brain and see where I’m at and stuff like that. He has a very outgoing personality which I love. You could go up to him, he is like a father figure. He makes it so easy to chat to him. He’s willing to share his knowledge and makes you feel welcome.”

Sinclair has been part of the Amazon Warriors squad as a Lasco Emerging Player and won the award for the best youngster at the 2023 tournament.

He says the Emerging Player programme at the CPL is important to young cricketers like him. This ensures that there is a minimum of 30 appearances across the tournament for the 12 Emerging Players.

“It’s very good, it gives us as youngsters a good platform to rub shoulders with senior guys in the region and international guys. You could pick their brain and try to implement stuff from their game into your game. As a youngster it is all about development and I saw that as a big step, a big part of my development, so I think it’s very good inclusion. In my view it as a great opportunity. I saw it as an opportunity for me to showcase my talent.” (CPL)

Members of the new executive of the Essequibo Cricket Board

Rooplall Looknauth assumes the position of Treasurer, with assistance from Adjodha Lall. Basil Persaud, the Caretaker of the ECB Hostel, steps into the role of Public Relations Officer, while Kumar Dass takes charge as Marketing Manager.

Yogeshwar Lall, a former national youth player, brings his expertise to the position of Chairman of the Competitions Committee.

Janice Griffith and Khemraj Surujpaul will serve as Trustees, ensuring the integrity of the board.

The crucial role of Auditor for the ECB has been entrusted to PKF Barcellos/Narine Chartered Accountants, emphasising the commitment to financial transparency and accountability within the organisation.

In his statement upon re-election, Singh expressed a commitment to continuing cricket development.

He emphasised the importance of providing every young man and woman with the opportunities they deserve to play cricket, despite challenges such as transportation, grounds and sponsorship.

Singh also highlighted the need for strengthening of the area committees, and envisioned a collaborative effort to overcome obstacles. He also mentioned plans for the ECB cricket hostel to become operable this year.

Present at the election was CWI Director and President of the Guyana Cricket Board (GCB) Bissoondyal Singh and CEO of the GCB, Claude Raphael.