$84 billion supplementary funding approved in National Assembly

In the wee hours of Thursday morning, the National Assembly approved $84 billion in supplementary funding to expand the work programmes under several ministries and agencies.

The bills were presented by Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh, and defended by the respective ministers during the 89th sitting of the twelfth parliament.

Senior Minister within the Office of the President with Responsibility for Finance and Public Service, Dr Ashni Singh in the National Assembly on Thursday

The bills comprise Financial Paper No 3, which contained advances from the Contingency Fund amounting to over $456.8 million for the period November 7 to November 22, 2o24.

For this paper, financial resources were secured to meet operational costs for the Guyana Office of Investment and Protected Areas Commission, and to meet increased security costs.

Additionally, Financial Paper No. 4, covers a Supplementary Estimate of over $84 billion, for both capital and current expenditure, amounting to $42.5 billion and $41.5 billion respectively. This bill is for the period ending December 31, 2024.

Key highlights of the bill include the over $56 billion provision under the Office of the Prime Minister, of which $30.5 billion was approved for the cash grant distribution to every citizen above 18 years of age.

Approximately $51 million has also been set aside for the provision of additional resources for the operations of the Mahdia Power and Light Company.

Further, $9.2 million was approved for the expanded work programme under the Disaster Preparedness, Response and Management framework.

For the gas to energy project, some $25.3 billion will facilitate accelerated implementation. Once this project comes on stream, it is expected that electricity costs will be reduced by 50 percent countrywide, increase the competitiveness of other industries, and reduce Guyana’s reliance on heavy fossil fuels.

The sum of $123 million was also approved under the Ministry of Foreign Affairs and International Cooperation to advance Guyana’s humanitarian efforts in the Caribbean region and further afield.

Additionally, the work of the National Drainage and Irrigation Authority (NDIA) to fortify drainage infrastructure nationwide will receive a $5 billion boost in in current and capital expenditures.

This includes the procurement of mini and amphibious excavators to support flood-prone communities, amounting to over $2 billion.

The National Assembly approved the 84B dollar supplementary funding on Thursday morning

Under the Ministry of Housing and Water, approval has been granted for $8.4 billion to continue the development of housing schemes and the coastal water supply programme.

Meanwhile, for the Ministry of Health, parliamentary approval was granted for $4.5 billion in pursuit of advancing construction of the six regional hospitals in Lima, De Kendren, Diamond, Enmore, Bath and No. 75 Village, as well as to initiate works on regional hospitals at Lethem, Moruca and Kato. Further, $3.6 billion was granted to support the provision of drugs and medical supplies.

The Ministry of Education has also been granted approval for 1.2 billion to support the operations of the University of Guyana. It can be recalled that last month, President Dr Mohamed Irfaan Ali announced the abolition of tuition fees at UG, benefitting the more than 11,000 current students as well as future entrants.

The government has also begun the writing off of loans for students of the University of Guyana.

These funds align with the government’s accelerated development agenda, meticulously crafted to ensure that the programmes and policies continue to uplift the lives of all Guyanese.

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