$1.146 trillion budget for 2024
In a televised address to the nation on Monday, President Dr. Mohamed Irfaan Ali presented an in-depth overview of the transformative measures outlined in Budget 2024. Dr. Ashni Singh, the Senior Minister within the Office of the President responsible for Finance, announced a substantial $1.146 trillion budget for the year 2024, themed ‘Staying the course: building prosperity for all.’
President Ali emphasized that Budget 2024 offers a comprehensive perspective on the country’s development path, showcasing key projects aimed at advancing the nation’s transformative agenda.
He highlighted the focus on women, children, the elderly, and the youth, with an estimated injection of over $100 billion, specifically designed to increase disposable income, support vulnerable groups, and enhance governance and service provision.
The President underscored the government’s commitment to containing fuel costs, anticipating annual savings of approximately $40 billion at current prices.
He explained the impact of fuel costs on the overall cost of energy and pricing structures across various sectors, affecting production costs for farmers, manufacturing, industries, and transportation.
President Ali also mentioned the continuation of the government’s adjustment of freight charges, costing over $6 billion, and highlighted the $10 billion allocated for the part-time job program. This program aims to inject funds into communities across the country, providing individuals with additional income.
Key provisions of Budget 2024 include increases in various pension categories.
The old-age pension will rise to $36,000, benefiting 76,000 individuals, while public assistance will increase from $16,000 to $19,000 per month.
The minimum National Insurance Scheme (NIS) pension has been raised to $43,075, benefiting over 27,000 people.
Additionally, the government will provide an $8,000 voucher to women aged 21 to 65 for cervical cancer testing.
The Because We Care cash grant was increased to $40,000. The budget also addresses the elimination of outstanding loans owed by University of Guyana graduates, marking the first phase of delivering on the PPP/C Manifesto promise to make tertiary education free by 2025.
A significant change is the increase in the income tax threshold to $100,000, benefiting approximately 13,000 individuals who will be removed from the income tax bracket, allowing them to pay fewer or no taxes.
