$6.6B approved to help gov’t absorb increased cost of electricity

A sum of $6.6 billion was approved by the Parliamentary Committee of Supply on Monday, paving the way for the government to pay electricity arrears to the Guyana Power and Light (GPL).

This sum was requested by the Ministry of Finance as part of a larger $44.4 Billion in supplementary funding being sought by the government.

Finance Minister Dr. Ashni Singh reminded members of the National Assembly that the government was committed to absorbing the increased cost of electricity so that consumers would not be required to pay increased electricity bills.

Guyana, like many other countries, has been grappling with the significant increase in the cost of fuel. This sum will enable the government to pay monies owed to the utility company.

Overall, the government is seeking parliamentary approval for another $47 billion in supplementary funding to offset the costs it incurred by agreeing to absorb the increase in electricity rates and other much-needed works such as the completion of roads and bridges.

Members of the National Assembly are considering this request on Monday.