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…path now cleared for “unlocking a wave of entrepreneurial activity” – Ashni Singh

The establishment of Government’s promised zero interest bank for small entrepreneurs is closer as the National Assembly on Monday passed the Guyana Development Bank (GDB) Bill number 5 of 2026, paving way for the establishment of a new state-backed financial institution that the Government says will expand access to financing for small businesses, farmers, youth, women entrepreneurs and hinterland communities among others. Brought in the name of Minister within the Office of the President with Responsibility for Finance Dr Ashni Singh, the Bill was quickly approved as the opposition bypassed participating in the debate and instead protested while Government parliamentarian argued that the new institution would help bridge long-standing financing gaps that have prevented many Guyanese from fully participating in the country’s unprecedented economic expansion. The bill was later considered clause by clause in committee and passed without amendment, before receiving its third reading. Throughout the debate, Government Members described the proposed Development Bank as a key instrument for ensuring that Guyana’s economic growth translates into greater opportunities for ordinary citizens rather than remaining concentrated among larger businesses with easier access to commercial financing. Culture Youth and Sports Minister Charles Ramson said the legislation represented more than the creation of another financial institution. “What we are doing today is more than just a discussion about banking. It is a discussion about how we as a Government… ensure that the promise of economic growth reaches every Guyanese.”
He explained that the proposed bank was intended to support a wide cross-section of Guyanese, including entrepreneurs investing their savings in new ventures, single parents seeking to expand businesses, young innovators, farmers entering agro-processing, persons with disabilities and families seeking to establish enterprises of their own. According to Parliamentarian Alistair Charlie Guyana’s rapid economic transformation has created unprecedented opportunities but has also highlighted significant barriers to financing, particularly for smaller businesses that often struggle to satisfy the lending requirements of commercial banks.

No sign of slowing down
That Guyana continues to attract major investments, undertake large-scale infrastructure projects and witness the emergence of new industries was highlighted by Minister of Public Service and Efficiency Zulfikar Ally who lamented that, however, access to affordable financing remains uneven. “The fact is our economy shows no sign of slowing down under a PPP/C (People’s Progressive Party/Civic) Government and as we continue to grow and expand, it is our duty as a Government to be intentional about making sure that this growth is inclusive, productive and broad-based,” he said. He also underscored that the effectiveness of the Development Bank should not be measured simply by the value of loans approved, but by the broader economic impact generated through increased entrepreneurship, job creation and regional development.
“The Guyana Development Bank should not be judged only by how much money it disburses, but rather… how many jobs are created, how much lending has reached businesses operating outside of the traditional coastal communities [and] how many businesses are still thriving after receiving support.” Ally maintained that the legislation comes at a critical stage in Guyana’s development. “Guyana has the physical space, it has the infrastructure agenda, it has rising household income, it has tens of thousands of newly registered businesses… but it also has a financing gap that, if left unresolved, will limit who participates in the country’s transformation.” Government also contends that the proposed institution will specifically target underserved borrowers, including women, young entrepreneurs, rural producers and hinterland communities. “The purpose of this bill is not simply to create a bank. It is to create a disciplined, accountable development finance platform that allows Guyana’s enterprises to participate in the next stage of national growth,” Ally said.

Game-changer
Agriculture Miniter, Zulfikar Mustapha also threw his support behind the legislation, arguing that access to financing has remained one of the greatest obstacles facing small farmers despite their willingness to expand production. “Over the years we have seen farmers have ideas, they have land, but more importantly, they are short of finance. Many times when they go to commercial banks, they hardly can get collateral as securities,” Mustapha said.
He noted that the Development Bank would provide farmers with opportunities to increase production and contribute to Guyana’s food security ambitions.

“This will be a game-changer for the small farmers, it will be a game-changer for the farmers in the hinterland, it will be a game-changer for the fisher-folks, and it will be a game-changer for the agro-processors.” He further argued that easier access to financing would strengthen Guyana’s efforts to become a leading food producer within the Caribbean while helping small manufacturers and agro-processors expand their operations.

Remove barriers
Tourism, Industry and Commerce Miniter, Susan Rodrigues also endorsed the legislation, describing it as a measure that would remove barriers preventing ordinary Guyanese from accessing capital. “Today we are not merely debating the creation of another financial institution. We are debating the creation of opportunity. We are debating the empowerment of ordinary Guyanese,” she said.
Rodrigues posited that affordable financing has remained one of the greatest obstacles confronting small and medium-sized enterprises (SMEs), despite previous Government initiatives to improve access to credit. “We have listened to the young entrepreneur with a promising business idea but no collateral. We’ve listened to the woman seeking to expand her small business and the farmer seeking to increase production. This bill is our response,” she said. She added that the legislation was designed to unlock productive potential in communities across Guyana by enabling more citizens to become business owners, employers and innovators. At the end of the contributions, the Senior Minister in the Office of the President with responsibility for Finance, thanked Government members for what he described as their passionate defence of the legislation. He said the Development Bank would primarily serve entrepreneurs who have traditionally experienced difficulty obtaining financing through commercial institutions.
“What this bill seeks to do… is to facilitate our smallest and most vulnerable businesses being able to access financing for good business opportunities, unlocking therefore a wave of entrepreneurial activities.” The Guyana Development Bill caters for the establishment of the GDB, which will promote the development and expansion of Small and Medium Enterprises and entrepreneurs countrywide. The Development Bank will provide SMEs with access to up to $3 million in collateral-free micro-credit loans to persons and enterprises at zero-interest rate. The Guyana Government has pledged some $40 billion (US$200 million) for this financial institution with provisions for more capital to be injected in the future. Already, approximately $20 billion (US$100 million) was set aside in Budget 2026 for the bank for when it comes into operation.

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Now that President Irfaan Ali has appointed the five-member Commission of Inquiry into the MV Barima tragedy – all from foreign!! – your Eyewitness ain’t surprised the opposition’s objections have become more strident!! Right off the bat, they’d implicitly insisted the Commission couldn’t be independent unless they had a hand in appointing it!! By that standard, judges should be nominated by litigants, auditors selected by the companies they audit, and cricket umpires appointed alternately by the batting and bowling sides!!
Under our law, the appointment of COI rests with the President – period!! Parliament enacted the legislation that gives him that authority. Yes…broader consultation sounded reasonable- but from the virulent attacks on the President and immediately on the Commissioners, it’s clear that option would’ve been an exercise in political grandstanding!! In the meantime, the nation was demanding answers!!
The President has exercised the authority Parliament entrusted to HIS office. The proper question therefore ain’t, “Who picked the Commissioners?” but “Are they capable of finding the truth?”!! One searches the opposition’s statements in vain for a principled critique of the commissioners themselves. Do they lack the legal, investigative or maritime expertise required? Have they shown themselves incapable of conducting an independent inquiry?
The victims’ families deserve better than constitutional improvisation masquerading as principle. There’s an irony here. If the President had packed the Commission with party loyalists, they would’ve had every reason to protest. Ditto if he’d selected obscure figures of doubtful competence!! But if the appointees are persons of recognized standing and professional accomplishment, then their credentials—not the opposition’s exclusion from the selection process—should dominate the national conversation!!
A Commission of Inquiry ain’t a coalition government in miniature nore are commissioners delegates representing political constituencies!! They’re appointed to follow evidence, test testimony and arrive at findings based on facts rather than partisan preference. Then there’s the question of accountability. Because the President alone appointed the Commission, the responsibility for its credibility rests squarely with him. If the inquiry proves biased or incompetent, he can’t hide behind a parliamentary committee or claim collective ownership of the appointments. The political responsibility is his. That’s precisely how executive accountability works.
The opposition is, of course, perfectly entitled to scrutinise every witness, every procedural ruling and every conclusion the Commission eventually reaches. Indeed, it should. Vigorous oversight is an essential feature of democratic life. But rejecting the Commission primarily because the President exercised the legal authority vested in him is rather like refusing to board a lifeboat because you were not consulted on the colour of the paint.
The nation owes the victims of the Barima tragedy something more serious than that- not by whether every political party managed to autograph the appointment letters!!
Let the COI begin!!

…Elegance of Distance
Ian McDonald’s passing reminds your Eyewitness of his effortless prose, impeccable literary references, and his love for Guyana’s landscape. Yet for most ordinary Guyanese, his weekly columns often felt like dispatches from a hilltop where the view was magnificent – but folks below were barely visible.
There was an unmistakable patrician air about his writing. Politics was often reduced to a lament over the decline of civility, while the rough-and-tumble realities of race, poverty and class conflict appeared as unfortunate interruptions to a more refined vision of society. The sugar worker, the market vendor and the minibus conductor rarely entered his essays as protagonists; they were scenery in a landscape painted with exquisite restraint.
McDonald’s Guyana was frequently populated by poets, cricketers, naturalists and philosophers rather than by citizens wrestling with the country’s harsher political contradictions. His columns celebrated beauty, moderation and good manners -sometimes at the expense of confronting uncomfortable truths.
That doesn’t diminish his literary achievements – just explains why ordinary readers skipped his columns, RIP.

…bodily trauma
A positive outcome coming out of the Barima tragedy, is a wider acceptance that traumas in accidents impact the psyche as well as the body. Almost immediately, the Ministry of Human Services started providing counselling – which was accepted.

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With more than 40 victims of the MV Barima tragedy laid to rest in recent days and families across the country continuing to mourn their loved ones, the Government of Guyana will provide financial support to survivors of the disaster and the families of those who lost their lives. President Dr Irfaan Ali announced that the assistance is part of a national response aimed at providing long-term care and compassion rather than compensation for those affected by the tragedy. The announcement was made during a social media briefing, where the President stressed that the support is intended to assist affected families and does not constitute compensation. “I wish to announce that I have asked Mr Iman Harrison Courtenay of Belize to assist in working out the modalities relating to financial assistance for the survivors and the victims’ families. Mr Courtenay brings to this process a wealth of experience as a practitioner of law, as a former Minister of Foreign Affairs, former Attorney General (AG) and Minister of Investment and Foreign Trade of his country.
“I wish to make it clear that this assistance does not constitute compensation for survivors and bereaved families. These measures embody a commitment that every survivor will be supported and every bereaved family will be treated with dignity.”
Meanwhile, while calling on all Guyanese to stand together during this period of national mourning and to never abandon those affected by the tragedy, President Ali urged citizens to unite in support of the survivors and bereaved families. “It is in that spirit that I ask every Guyanese to stand together as one people. Let this, therefore, be our declaration: We are Guyanese. We do not abandon our own. We rise from the ashes of sorrow with arms wide open. We carry the memory of every soul lost, not as a weight that crushes, but as a light that guides us towards a future forged in kindness, unity, and love.”

HEART initiative
President Ali also announced the launch of the HEART Initiative; a national programme aimed at coordinating long-term support for survivors and the families of the victims. “Therefore, to ensure that this support – material, moral, and spiritual – is sustained, I am establishing a national body to coordinate, mobilise and foster this necessary work of healing. It shall be known as the HEART Initiative: H-E-A-R-T – Hope, Empathy, Aid, Resilience and Trust.
“Hope for the grieving. Empathy for the broken. Aid for the hurting. Resilience for the journey ahead. Trust that will never be forgotten. This initiative will be overseen by trusted and respected religious and civil society persons drawn from across Guyana. Led by Mr Carl Stewart, we will carry the prayers of every faith, the hopes of every heart, and the sacred traditions that bind us, whether spoken in the quiet of a church, sung in a temple, or whispered in a mosque.” “We will offer the practical hands of service and provide a safety net of support and compassion so that no family affected by this tragedy will slip through.”
Ali expressed gratitude to the Guyanese people and called on all stakeholders to support the establishment of the HEART Initiative, which is aimed at assisting survivors of the MV Barima tragedy and the families of those affected.
The MV Barima disaster is one of Guyana’s deadliest maritime tragedies, involving a passenger and cargo ferry that capsized off the Essequibo Coast on July 18, 2026.

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…joint Opposition declines Speaker’s invitation to address grieving families

President Dr Irfaan Ali on Monday declared that his Government would “leave no stone unturned” in determining the circumstances surrounding the MV Barima Tragedy that has left this country in mourning, as he called for unity and support. Invoking Article 67(2) of the Constitution, in a message delivered to the National Assembly yesterday by Attorney General (AG) and Minister of Legal Affairs Anil Nandlall, the President lamented on the trauma the nation has faced and reminded that he remains committed to support. Nandlall’s task was not made easy, as when he rose to speak most of the Opposition parliaments descended on the floor with disruptive chants, as they protested Government’s handling of the disaster. Every word Nandlall read saw an attempted drowning out through protest chants, in unison, of “Who must go? Edghill and Indar!” But the AG was indomitable in his stance, as he read on the from the message where President Ali committed to providing the nation with the support systems needed to cope and heal from the tragedy. “I therefore assure this Honourable House and the nation that the Government will leave no stone unturned in determining the full circumstances that gave rise to this catastrophe. This will be done not only to answer the many questions weighing heavily on the minds and hearts of our people, but also to ensure that such a tragedy is never repeated,” a seemingly unfazed Nadlall read.
The President also reiterated his stance since the disaster struck last Saturday, that the country’s immediate priority remained supporting affected families while ensuring that the inquiry establishes the facts necessary to strengthen Guyana’s maritime safety framework. “To these families, this does not end with the recovery operation. It will continue for as long as necessary. We shall walk with them through their grief, assist them in rebuilding their lives and ensure that they never face this burden alone,” Ali expressed. The message of unity was underscored to screams from the opposition, “I appeal to every Member of this Honourable House, and indeed to every citizen, not to allow this tragedy to become a source of division among us. Let it instead become a moment that forges a stronger, more compassionate and united Guyana,” Nandlall said. “In responding to this tragedy, we must therefore look beyond the immediate pain and recognise the deeper test before us—not only of our institutions, but of our collective spirit as a people,” he added. The President stated that on the night of July 18, the Barima, en route from Georgetown to Port Kaituma, capsized suddenly at sea and “By every account presently available, the vessel went under very quickly, leaving little time for crew and passengers to adopt life-saving measures.” The death and survival toll has been staggering; seventy-six rescued, seventy-three bodies recovered, and several passengers still unaccounted for, as the President noted that “A tragedy of unimaginable proportions ensued. Our nation today bleeds from the calamitous loss of many of its sons and daughters. No words can truly capture the depth of grief that has descended upon our country. This tragedy has shaken our Republic to its very foundations. It has left an ache in every community, in every home, and in every heart. It is a wound that we will carry together, and one that history will forever record among the greatest sorrows of our nation. The President’s address also reiterated his announcements of an independent Commission of Inquiry (COI) that will investigate the events leading up to and surrounding the sinking of the vessel.

He said the commission would include experts in maritime safety, disaster investigations, marine engineering, admiralty law and maritime security.
The inquiry will be chaired by Justice Godfrey Smith of Belize, the CARICOM High-Level Representative for Law and Criminal Justice and an ad hoc Justice of the Eastern Caribbean Court of Appeal. Other members include Polish naval architect Dr Andrzej Jasionowski, Jamaican maritime surveyor Captain Hamada Fouda, Trinidadian Maritime Attorney Nyree Dawn Alfonso and retired Trinidad and Tobago Rear Admiral Hayden Pritchard. The President said the composition of the body reflected the need for specialised expertise and public confidence in the investigation. The inquiry, he noted, is expected to examine several areas, including passenger capacity and boarding procedures, vessel maintenance records, compliance with maritime regulations, emergency preparedness, search and rescue operations, weather conditions, possible overcrowding and whether any negligence or misconduct contributed to the disaster, as accountability would be a major objective of the process.

“The truth must be established”
“The truth must be established. The lessons must be learned. The reforms must be implemented. And where failures, negligence or wrongdoing are identified, accountability must follow,” he said. The HEART (Hope, Empathy, Aid, Resilience and Trust) Initiative, a Government programme designed to provide long-term support to survivors and families affected by the tragedy and announced on Sunday, was also highlighted, with the President saying that the response would extend beyond immediate relief efforts and would include financial, psychological, emotional, and social assistance. The Government, he pledged, remains fully committed to providing sustained material, financial, psychological and emotional support to the families of those who perished and to those who survived.

Joint-Opposition decline
During the sitting, Speaker of the National Assembly Manzoor Nadir offered Opposition representatives an opportunity to speak on the tragedy and address the grieving families, but they declined. Opposition Leader Azruddin Mohamed, who has been sanctioned by the United States (US) and indicted, was allocated five minutes to express his views on the tragedy, while Leader of the Opposition parliamentary group, A Partnership for National Unity (APNU), Terrence Campbell, was allocated two minutes.
However, both declined to use the allotted speaking time to say anything.
Instead, the Opposition members pressed on with their protest proceedings in the House, resulting in disruption that saw the Speaker many times calling for order and cautioning against inappropriate behaviour. It is unclear if any of the opposition members heard the President’s appeal to Guyanese, to find strength in faith. “It is my prayer that the Creator of the Universe will continue to surround every grieving family with His comforting presence.” He called for unity, warning against division: “Let this tragedy not become a moment that pulls us apart, but rather one that brings us closer.”

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Dear Editor,
I want join our people to offer some words to all the first responders, be they members of the joint services, the local fishermen, and all who used their private boats to go out on the high seas to search for survivors and, in the process, retrieved bodies out of the water. Thank you. Every single one of you stepped up when this country needed you the most. Thank you!
But I have a special word of thanks for the divers, the lone Guyanese diver and the French dive team. I applaud you.
In a moment of profound national grief and desperate hope, you divers have done something remarkably brave, not just by diving into those perfidious waters, but by speaking your discovered truth with clarity, honesty, and restraint. I watched the press conference and I listened carefully to your words dear divers. You didn’t sugarcoat anything. You didn’t make promises you couldn’t keep. You told the families and this nation exactly what you faced and the unvarnished truth.
Let’s be honest, you arrived at that site on a mission of mercy. In just days, you completed 15 dives in conditions that I cannot even begin to imagine: pitch-black darkness, crushing currents, blinding mud, and a tangled labyrinth of ropes that turn every movement underwater into a contest at surviving safely. I listened to you divers describe your lived experience as you felt your way through that wreck like blind people, and it sent chills down my spine. No one above water can easily image your effort, even if we try.
And here is what struck me most, you did not exaggerate. Your humility in service to humanity shined through at all times. You did not make false promises. You told the families and this nation exactly what you faced, and in doing so, you honored the bodies that are still under the water with the one thing they deserve most at this time: the unvarnished truth and the dignity that goes along with the truth.
Because of your honest assessment (and I could have see it in your body language too and, the way you chose your words carefully), this nation can now better weigh the reality of this tragedy. Because of you, all who are evaluating this situation are in a better place to start making decisions. Difficult, painful, but necessary decisions about the next steps.
So today, France and our lone Guyanese diver, we salute you. Not just for lending us your skills, but for your integrity. You came to help, and you have helped, not by recovering every soul, but by recovering reality from the depths. That is a gift beyond measure.
Merci. Chapeau bas.
To the families and survivors, on behalf of our families, we wish you our deepest sympathies. May all the dearly departed souls, rest in peace.

Sincerely,
Sasenarine Singh

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Dear Editor,
The recent MV Barima tragedy is a heartbreaking event that has left our nation mourning. Families have lost loved ones, and every Guyanese deserves answers based on facts, evidence, and a fair investigation.
It is therefore disappointing to witness the conduct of some opposition political parties. Rather than allowing the Commission of Inquiry to carry out its mandate, they have already sought to discredit the process before the first witness has even been heard.
This rush to judgment serves no one, least of all the grieving families who deserve the truth.
The Government of Guyana has appointed experienced and internationally respected professionals to serve on the Commission of Inquiry.
These individuals possess the qualifications and independence necessary to examine the circumstances surrounding this tragedy objectively and to make recommendations based on the evidence presented.
Equally troubling was the despicable disruption and protest in Parliament. Parliament is the nation’s highest legislative forum, where representatives should engage in reasoned debate and demonstrate leadership. While every parliamentary party has the right to express disagreement, repeated disruptions and protests before the Commission has even begun its work risk undermining public confidence in a process that should be allowed to proceed without political interference.
Unfortunately, this has become a familiar pattern. No matter what action the Government takes, some in the opposition appear determined to oppose it. One is left with the impression that even if Jesus Christ and His twelve disciples were appointed to the Commission of Inquiry, there would still be cries of conflict of interest and demands for a different panel.
That mindset is not constructive and does little to advance justice or national unity.
A Commission of Inquiry exists to establish the facts, hear witnesses, review evidence, and produce findings and recommendations.
It should be judged on the quality of its work not on political assumptions made before the process has even started.
The families affected by this tragedy deserve truth, accountability and closure. They do not deserve to see their pain turned into another political battleground.
Let the Commission do its work. Once its report is completed, every Guyanese will have the opportunity to examine its findings and recommendations. Until then, all responsible leaders should place the national interest above political expediency and allow due process to take its course.

Yours Respectfully,
Quincy Anderson

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Ambassador Carolyn Rodrigues-Birkett on Monday engaged members of the Princeton Group on the United Nations (UN80) reform process, where she outlined her vision for implementing reforms if elected the next United Nations Secretary-General (UNSG). During the engagement, Rodrigues-Birkett said she would focus on ensuring that the UN becomes more agile, effective and efficient while remaining responsive to the needs of member states and fit for purpose in an evolving global landscape. She welcomed the opportunity to discuss her approach to implementing decisions arising from the UN80 reform process, noting that the organisation must adapt to meet emerging global challenges while continuing to serve its core mandate. Rodrigues-Birkett also thanked Ambassador Christian Wenaweser, Permanent Representative of Liechtenstein to the UN, and members of the Princeton Group for organising the engagement. She expressed appreciation to participants for their questions and perspectives, saying they contributed to a constructive dialogue on the future direction of the organisation. Rodrigues-Birkett is among five official nominees seeking to succeed António Guterres as the next UNSG when his second term ends on December 31, 2026.

Last week, she outlined a five-pronged agenda for her first 100 days in office should she be elected, centred on humanitarian action, support for vulnerable countries, institutional reform, conflict prevention and financing. She also pledged to appoint a senior leadership team that reflects competence, geographical balance and gender balance. The other candidates are María Fernanda Espinosa Garcés, nominated by Antigua and Barbuda; Rafael Mariano Grossi, nominated by Argentina; Rebeca Grynspan Mayufis, nominated by Costa Rica; and former Senegalese President Macky Sall, nominated by Burundi. The SG is appointed by the 193-member United Nations General Assembly (UNGA) on the recommendation of the Security Council. While the Council, particularly its five permanent members with veto power, plays a decisive role in recommending a candidate, the final appointment is made by the General Assembly. If elected, Rodrigues-Birkett would become the first woman to serve as UNSG since the organisation was established in 1945, as well as the first Caribbean national to hold the post.
Rodrigues-Birkett has served as Guyana’s Permanent Representative to the UN since 2020. She previously served as Director of the Food and Agriculture Organisation (FAO) Liaison Office in Geneva from 2017 to 2020, Minister of Foreign Affairs from 2008 to 2015, and Minister of Amerindian Affairs from 2001 to 2008.

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Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, on Monday presented the Natural Resource Fund (NRF) Annual Report for the 2025 fiscal year to the National Assembly, in keeping with the requirements of the Natural Resource Fund Act 2021. The report was tabled under Section 32(4) of the Act, alongside the Public Accountability and Oversight Committee’s 2025 Annual Report and notifications of petroleum revenues paid into the Fund during the period April 1 to June 30, 2026. According to the Finance Ministry, the submissions is part of the Government’s statutory reporting obligations for the management of the country’s oil revenues. During the presentation, Dr Singh acknowledged the work of the NRF Board of Directors, the Public Accountability and Oversight Committee, and the Investment Committee in carrying out their responsibilities. The current NRF Board, reappointed on August 31, 2024, is chaired by Major General (Ret’d) Joseph Singh and includes Dunstan Barrow, Ramesh Dookhoo, Carolyn Rodrigues-Birkett and Professor Compton Bourne. The Speaker of the National Assembly also circulated the Public Accountability and Oversight Committee’s Annual Report for 2025, as required under Section 6(6) of the NRF Act.
The committee, which was also reappointed on August 31, 2024, is chaired by Clement Sealey and comprises representatives from the National Assembly, the religious community, the private sector, organised labour and the professions. According to the Ministry, the nine-member committee is responsible for providing non-governmental oversight of the operations of the Fund, replacing the 22-member committee established under the previous NRF Act of 2019. Dr Singh also presented notifications to the National Assembly detailing all petroleum revenues paid into the Fund between April 1 and June 30, 2026, in accordance with Section 33(2) of the Act. The Ministry reported that the balance of the Natural Resource Fund stood at just under US$4 billion at the end of May 2026. The Ministry also highlighted findings from the International Monetary Fund’s (IMF) 2025 Article IV Mission, which noted progress in strengthening the governance of the Fund and improving fiscal transparency. In its staff concluding statement, the IMF had said that the authorities had advanced governance of the NRF through the presentation of annual reports to Parliament, regular publication and parliamentary notification of petroleum revenue receipts, and the Bank of Guyana’s monthly and quarterly reports on the Fund’s financial performance. The Government said it will continue to manage the country’s oil revenues in accordance with the provisions of the NRF Act and direct the Fund’s resources toward investments intended to benefit both current and future generations.

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The National Assembly on Thursday gave the green light to a supplementary budget amounting to $54.9 billion, a move Minister with the Officer of the President Responsible for Finance Dr Ashni Sign said underscores his Government’s determination to accelerate priority projects across housing, infrastructure, agriculture, energy, and public utilities. Monday’s passage came without opposition support the sitting did not see any contribution from the Opposition on any of the items on the Order Paper and instead, they attempted to drown out the proceedings with chants and the drumming of tables. When the House changed to the Committee of Supply to determine the estimates for both current and capital projects, the Opposition’s stance did not change, even as Dr Singh explained that the sums include $4.7 billion in current expenditure and $50.14 billion in capital expenditure. According to Singh, the additional resources are essential to ensure that projects already in motion are completed on schedule and without disruption with the largest allocations, some $17.5 billion and 19 B, being earmarked for the Housing and the Gas to Energy (GtE) Project respectively. Reelecting the administration’s continued prioritisation of housing as a cornerstone of national development, he said that this injection of funds supplement the $159 billion already allocated to the Ministry, and will sustain the rapid expansion of the Government’s housing programme, designed to deliver serviced lots, modern communities, and improved water access nationwide.
Under Ministers of Housing Colin Croal and Vanessa Benn, the Housing Ministry has consistently been positioned as one of the Government’s flagship sectors, with authorities emphasising its role in creating livable communities, stimulating construction activity and supporting Guyana’s broader urbanisation strategy.

Gas‑to‑Energy Project
With regards to other sums in the supplementary budget, the Office of the Prime Minister (PM) secured $19.1 billion with much of which directed towards the GtE Project in Region Three (Essequibo Islands-West Demerara) and has been touted as critical to lowering electricity prices, diversifying Guyana’s energy mix and reducing reliance on imported fuels. While the supplementary allocation provides additional resources, the estimates note that the project is expected to become operational months from now. The Ministry of Public Works has been allocated $8.5 billion to advance its work programme with miscellaneous roads and drainage getting $6 billion to finance upgrades across communities. Hinterland roads will see $2.5 billion dedicated to these projects that aims at improving transportation links in remote regions, reducing travel times, enhancing access to markets, healthcare, and education. Agriculture also features prominently in the supplementary estimates, with the sector receiving an additional $8.3 billion. Included in that allocation is $3 billion for the Guyana Sugar Corporation (GuySuCo) with the document stating that part of the funding will provide for retroactive payments to workers employed by the corporation. The supplementary estimates also provide $600 million for the Ministry of Public Utilities and Aviation, targeted at maintaining coastal airstrips, facilities that are critical lifelines for hinterland communities, enabling passenger travel, medical evacuations and cargo transport.

Water interventions
Additionally, $496.3 million has been allocated for water interventions, including the establishment of water filling stations to improve access to potable water. The Ministry of Home Affairs received supplementary funding to bolster the Customs Anti‑Narcotics Unit (CANU). Overall, the supplementary budget channels resources into the Government’s major investment programmes, with housing, infrastructure, agriculture and energy accounting for the largest shares.

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The passage of the Guyana Development Bank Bill marks a significant policy shift in the country’s approach to economic inclusion. For decades, access to affordable financing has remained one of the greatest barriers facing small entrepreneurs, farmers, agro-processors and countless aspiring business owners. While commercial banks have played an essential role in supporting economic activity, their lending models have naturally prioritized risk management, often leaving those without sufficient collateral or established credit histories unable to secure financing.
The creation of the Guyana Development Bank will bridge that long-standing gap and rather than competing directly with traditional financial institutions, the new bank has been designed to serve a segment of the population that has historically struggled to access capital despite possessing viable business ideas and the determination to succeed. In doing so, the legislation has the potential to transform not only individual livelihoods but also the structure of the national economy.
Economic growth is most meaningful when opportunities are widely shared and with Guyana’s rapid expansion has generated investment, employment and new commercial prospects across multiple sectors. However, sustained development requires more than impressive macroeconomic indicators. It demands mechanisms that allow ordinary citizens to participate directly in the country’s prosperity through entrepreneurship, innovation and enterprise development.
Access to finance remains one of the most decisive factors separating a business idea from a functioning enterprise. Many small entrepreneurs possess technical skills, market knowledge and strong work ethics but lack the collateral demanded by conventional lending institutions. Land titles, substantial assets and lengthy financial records are often prerequisites for commercial borrowing, creating barriers for young entrepreneurs, women, small-scale farmers, fisherfolk and residents of rural and hinterland communities.
These realities have limited economic participation for many capable Guyanese because of structural constraints within traditional financing systems. Addressing those constraints through targeted development finance is therefore a logical and necessary complement to commercial banking rather than a replacement for it.
The Development Bank’s zero-interest, collateral-free micro-credit facility offers a practical response to this challenge. By extending financing of up to $3 million to eligible small businesses and entrepreneurs, the institution seeks to reduce one of the most persistent obstacles preventing enterprise creation and expansion. For many applicants, the absence of collateral has represented an insurmountable hurdle regardless of the quality of a business proposal. Removing that barrier could unlock significant entrepreneurial activity across the country.
The benefits extend well beyond individual borrowers as small and medium-sized enterprises are widely recognised as engines of economic growth. They generate employment, stimulate local production, encourage innovation and strengthen community economies. When financing becomes more accessible, new businesses can purchase equipment, expand operations, hire additional workers and increase productivity. Those developments create multiplier effects that benefit suppliers, consumers and entire communities.
The agricultural sector stands to gain considerably from this initiative with small farmers frequently possess land, experience and market opportunities but remain constrained by limited access to affordable capital. Financing is often needed for machinery, irrigation, livestock, transportation, storage facilities or value-added processing. Improved access to credit could enable greater agricultural output while supporting national food security objectives and strengthening Guyana’s contribution to regional food production.
Likewise, hinterland communities, women entrepreneurs and young innovators could benefit from financing tailored to their unique circumstances. Expanding access to capital in these areas encourages balanced national development by ensuring that economic opportunities are not confined to established commercial centres. Inclusive growth requires deliberate policies that extend opportunity across every region and demographic.
Equally important is the emphasis on measuring success beyond the volume of loans disbursed. A development bank should ultimately be judged by the sustainability of the businesses it supports, the employment opportunities it generates and the contribution it makes to expanding the productive capacity of the economy. Strong governance, prudent lending standards and effective monitoring will therefore be critical to ensuring that public investment delivers lasting returns.
The passage of the legislation therefore reflects the recognition that economic transformation must include mechanisms that empower those traditionally excluded from formal credit markets. By reducing financing barriers, supporting entrepreneurship and encouraging wider participation in national development, the Guyana Development Bank has the potential to become an important pillar of inclusive economic growth.
As Guyana continues its remarkable economic journey, policies that widen access to opportunity will prove just as important as those that attract investment.

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