Guyana’s increased public assistance and pension were much-needed reliefs- IDB

In the face of significant economic disruptions resulting in price hikes for people, the Inter-American Development Bank (IDB) says that programmes targeting vulnerable groups were much-needed.

And in Guyana, the government’s decision to increase public assistance payments and old-age pensions were seen as important initiatives to counter price hikes emanating from the COVID-19 pandemic and the Ukraine/Russia crisis.

“One important approach is to provide additional targeted assistance to lower-income groups, including the elderly.

“For example, in Guyana, the government’s public assistance payments for vulnerable groups were increased from US$57 to US$67 per month, benefitting approximately 18,000 people,” a quarterly Caribbean economics report from the Bank noted.

The report also noted that the old age pension programme in Guyana also saw several increases, culminating in a new pension of US$134 in 2022. Some 65,000 people, the Bank noted, benefitted.

Beyond the measures acknowledged by the Bank, Guyanese authorities also distributed one-off cash grants for all households and later, for targeted groups.

The report also noted that other countries adopted other policy relief measures. In Jamaica, electricity subsidies were provided to households consuming little electricity; in Trinidad and Tobago, a one-off transport grant was provided; and, in the Bahamas, price controls for some goods and medicines were introduced.