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Georgetown, GINA, February 1, 2016

Finance Minister Winston Jordan, against the backdrop of the economy merging from a disruptive year, said the expectation is that 2016 will be a year of recovery, that will put the economy on a higher growth path to realise the "good life". 

The following are targets for 2016:

  • growth rate of 4.4  percent
  •  Non-sugar growth is projected at 4.3 percent
  • Agriculture, Fishing and Forestry are projected to grow marginally by 0.3 percent. 
  •  Sugar production is targeted to grow by 4.8 percent to 242,287 metric tonnes.
  • Rice production is expected to decline by 8.4 percent from the 2015 level to 630,028 metric tonnes.
  •  Other crops sub-sector is anticipated to grow by a further 2.5 percent and livestock, 0.5 percent. 
  • Fisheries sub-sector is expected to grow by 1.5 percent. 
  • Forestry sub-sector is estimated to growth by 2.5 percent with an output of 392,469 cubic metres of timber harvested.
  • Mining and quarrying sub-sector is targeted to improve by 16.6 percent, to be  driven by gold, whose output is conservatively estimated to increase by 22 percent to 550,000 ounces.
  • Other mining (sand and stone) is targeted to improve by 4.4 per cent.
  •  Bauxite production is expected to be maintained just at the 2015 level of 1,526,467 metric tonnes in light of world market prices.
  • Manufacturing sector is projected to decline by 0.7 percent, as a consequence of rice production being scaled back.
  • The Services sector is expected to grow by 4 percent, with projected growth in the construction sector of 10.5 percent.
  • Inflation is expected to be around 2 percent  in light of the predicted increase in growth in almost all sectors
  • Overall balance of the balance of payments is expected to improve considerably, to a surplus of US$46.26 million, from a deficit of US$107.68 million in 2015 
  •  Merchandise exports are expected to earn US$1.2 billion, an increase of 2.5 percent. Merchandise imports are projected to rise by 2.7 percent to US$1.5 billion
  • Central Government's current revenue is projected at $173.3 billion, an increase of 7.2 percent.
  • Tax revenue is projected to increase by $7.6 billion, or 5.3 percent, while non-tax revenue is estimated to grow by $4 billion, or 21.7 percent. 
  • Value added and income taxes are projected to grow by 9.9 percent and 5.3 percent, respectively. 
  •  Both customs and excise taxes are expected grow by 6.8 percent and 0.7 percent, respectively. 
  • A total of $8.7 billion is estimated to be transferred to the Consolidated Fund.
  • Royalties are expected to amount to $3.9 billion, based on the projected output of Guyana Goldfields Inc. and Troy Resources Inc. 

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The Best Budget Ever

February 1, 2016 | Source

The estimates of revenue and expenditure tabled in the National Assembly for 2016 should be passed without debate. There is nothing to debate.
This year’s Budget is the best ever in the history of Guyana. Here are ten reasons why.


1. It was the shortest Budget speech ever. There was no need for fluff. There was no need to oversell the measures contained within the Budget. It was short and sweet.


2. Old people run things. This year’s Budget was an old person’s dream come through. Imagine the savings that desperate old men and women will have. When they go to the airport, after spending hundreds of thousands on a plane ticket, they will not have to be further burdened by paying the departure tax.
This will save them $2500 every time they travel. All the old people who living in America and Canada will now want to come home for holiday.
They also will save an additional $800 per year by not having to pay to renew their driver’s licence. On top of that they are obtaining a massive $40 per day in pension. Things looking up for old people especially since these old fogies are being rehired en masse in government offices.


3. Retro- fitting of cars. All the vehicles presently on the roads will soon sport new tyres rather than the old used tyres which were a safety risk.


4.  New cars instead of old new cars will soon be rolling on our roads. All the vehicles on our roads will be new vehicles.
This marks the end of old tyres and reconditioned cars. This will also mean that in a few years, fewer vehicles will be on our roads because not everyone can afford to buy a new car. Guyana is preparing itself for the petro dollars.


5. The threshold has been increased by a $5000. On top of this, the 50% increase coming, after negotiations with the unions. The Ministers already earned their 50% and it is now time for the ordinary Public Servants to earn theirs.


6. Vat decrease deferred. With all the increases due to be paid, the anticipated reduction in the VAT was put on hold. The government cannot afford any more reduction in the cost of living.
The government is already losing hundreds of billions by that $20 per liter reduction in the price of petrol. This is a good move because there will be no revenue shortfall this year.


7. Electricity tariff reduction has also been put on hold. This will encourage businesses to reduce the high wastage of energy that is presently taking place. Brilliant move!


8. Completing PPP projects. Most of the incomplete PPP projects such as the widening of Sheriff Street and the construction of the Del Conte Road will commence. The mess that the PPP left is being cleaned up.


9. Back to the old days. In the old days if you wanted to go on a holiday you had to get a tax clearance.
Today if you want to renew your driver’s license you have to get your tax clearance.
The burden is now on you to prove that you have paid your taxes rather than on the Guyana Revenue Authority to ensure that you do. This is good news also.


10.  Licence fees increase. This is long overdue. These fees are too low. The increase in the fees on firearms will discourage persons from wanting to own weapons. As a result there will fewer weapons in society. The bandits will have fewer firearms to steal and this will reduce crime.


Congratulations on the Best Budget ever! Now on to celebrate the $300M set aside for Independence.

Django
VVP posted:

DJANGO bai it's not the forecast that counts it's the actuals.

Dont expect Django to understand that. THe Budget is a DISASTER but dont tell him that, let him enjoy the ride to destruction.  I thought a Budget would focus on improving/increasing things, this one mostly preparing the Guyanese people for DOOM and GLOOM!!

Nehru
Nehru posted:
VVP posted:

DJANGO bai it's not the forecast that counts it's the actuals.

Dont expect Django to understand that. THe Budget is a DISASTER but dont tell him that, let him enjoy the ride to destruction.  I thought a Budget would focus on improving/increasing things, this one mostly preparing the Guyanese people for DOOM and GLOOM!!

Suh why Peeping Tom seh dis.


 

"The estimates of revenue and expenditure tabled in the National Assembly for 2016 should be passed without debate. There is nothing to debate.This year’s Budget is the best ever in the history of Guyana. Here are ten reasons why."


 

What you think about this.


 

"Today if you want to renew your driver’s license you have to get your tax clearance.The burden is now on you to prove that you have paid your taxes rather than on the Guyana Revenue Authority to ensure that you do. This is good news also."

Django

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