2015 Budget grows ahead of September deadline … consultations under way, private sector involved - Finance Minister
THE 2015 National Expenditure, commonly referred to as the annual budget, will meet its September deadline and according to Finance Minister Winston Jordan, its size will very likely be larger than previously anticipated.The Finance Minister, yesterday, during a brief exclusive interview with the Guyana Chronicle said that work is currently under way and it is becoming clearer that as against previous projections of a smaller budget than that of last year, this could in fact change.
He noted that the 2015 Budget will have to reflect expenditure already undertaken during the course of the year.
The Finance Minister said too that unforeseen expenditure being met will also have to be reflected; that would see the size of the 2015 Budget increasing.
He pointed to the recent emergency bailout of the Guyana Sugar Corporation (GuySuCo) which has already seen a Government transfer of billions of dollars already being approved with several billion more under active consideration.
The Finance Minister noted that at present, the ministry is primarily engaged in preparatory works for the consultations.
He did point out too that already the ministry has commenced meeting with at least one section of the private sector.
The minister said that already a lot of work has been done by the Budget Office in terms of preparations for the Budget, but pointed out that there is still some way to go.
He noted that in addition to expenditure incurred, the budget will also have to reflect the necessary changes made since the coalesced A Partnership for National Unity+Alliance For Change (APNU+AFC) took office, such as the renaming of a number of Government ministries.
Government ministries, for accounting purposes, are documented as budget agencies in the annual expenditures.
Only recently, Finance Minister Jordan was quoted as saying that increases in pension as promised during the APNU+AFC campaign will be delivered.
“We are going to make certain the pensioner gets at least what was in the 100 – day agreement and I think it was $15,000. We are going to ensure that pensioners can get at least that,” the Finance Minister is on record as telling the Government Information Agency earlier this month.
Head of State David Granger, during the convening of the 11th Parliament last week Wednesday, had reminded too of the increases promised, saying that they will be delivered.
Ahead of the 2015 Budget, President Granger had told Parliament too, no income tax will be paid this year by minimum-wage earners; there will be no increases in income tax rates, Value-Added Tax (VAT) or National Insurance Scheme (NIS) contributions this year; but there will be a “moderate” increase in pensionable earnings for the elderly and in wage and salaries for public sector employees.
By Gary Eleazar