See below the full statement by AmCham on the 2021 Budget
Guyana American Chamber of Commerce (AmCham) praises Dr. Ashni Singh, and the Government of Guyana for its 2021 annual budget presentation.
The Budget presentation provided a comprehensive picture of the Guyana Government’s short- and medium-term vision to drive the economy towards a more resilient and diverse growth path. The COVID-19 pandemic has led to significant economic stress, negatively affecting governments and businesses alike. The Chamber therefore supports the budgetary policies that balance revenue generation while maintaining a favorable investment climate that supports growth in key sectors of the economy.
The increase in investment and expenditure in the health, education, safety and public infrastructure sectors is commendable. G $ 235M allocation to improve Ease of Doing Business sites is critical for continued investment in Guyana. The Chamber welcomes partnerships with the Government of Guyana on programs aimed at improving the business climate and strengthening trade between Guyana and the United States of America.
AmCham is particularly pleased and encouraged by the G $ 250M allocation to assist micro-businesses and assist in their growth. The continued support for SMEs is vital as it will help mitigate the economic downturn of COVID-19 and contribute to a faster and stronger economic recovery.
The Chamber welcomes Dr Singh’s projected growth of 20.9% of which non-oil growth is 6.1%. We recognize that the positive growth prospects are subject to disadvantage risks due to the uncertainty of the COVID-19 pandemic.
Despite that, Guyana remains one of the few countries with strong growth projections. AmCham remains optimistic that the fiscal measures outlined will contribute to a more favorable climate for trade, investment, growth and development. The Chamber reiterates its commitment to work with Government to collaborate on R&D efforts in healthcare, technology, fintech, cyber security and other key sectors, as Guyana continues to grow and take its place as a regional leader in the Caribbean and South America.
A more detailed breakdown of the Budget will be forthcoming.