GCCI praises the government for the 2021 National Budget
Kaieteur News – The Georgetown Chamber of Commerce and Industry (GCCI) has praised the government for this year’s budget and also sought to praise a Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh budget in the National Assembly on Friday.
In their press release yesterday, they praised the “diligent work” of Ministry of Finance staff, who would have successfully prepared two budgets; this year’s budget and last year’s emergency budget, in six months.
The statement went on to say that the government had invited the YISG to provide input into a consultation process as they prepared the national budget, which it participated in accordance with its private sector representation mandate and their input jointly take private sector development and, improve the business environment.
It was noted that Guyana’s economy grew 43.5 percent in 2020 as a result of the start in oil production. However, the non-oil economy contracted 7.3 percent, which is the biggest contraction in economic growth for Guyana. Also highlighted was the ongoing COVID-19 pandemic, the political standoff following the March 2, 2020 General and Regional Elections, and the lack of democracy that led to slowing investment, halting expansion and impeding confidence in the Guyanese economy.
“It is with this in mind that the GCCI recognizes and commends the Government for its effort, through its financial program, in ensuring that the much needed economic restart is delivered through the largest national budget in history. Guyana, ”said the GCCI. The statement noted that the budget was particularly welcomed by members of the Chamber and of course the wider private sector, particularly as Guyanese enterprises, investors and the public continue to shape the coronavirus novel and the obstacles and the unprecedented challenges she has faced.
The GCCI highlighted the government allocating 45 percent of the total $ 383.1 billion budget to education, public infrastructure, and healthcare, noting that it is extremely important from its perspective to ensure Guyana’s broad economic development.
He said the $ 60.7B billion allocation for education ensures that Guyanese people are further developed, trained, retrained and upskilled for an evolving labor market. “This sectoral priority, the largest of the three, can be seen as the backbone of a government program for economic development,” he lamented.
In light of the above, the GCCI leadership and members continue to be supportive as partners in national development and plan to continue working with the government to charter a higher growth trajectory for Guyana, according to the release.