Gov’t seeks $61 billion in supplementary funding

The Irfaan Ali-led government is seeking $61 billion in supplementary funding to help finance additional projects and developmental priorities this year.

Finance Minister Dr. Ashni Singh presented Financial Paper No. 3 of 2023 at a sitting of the National Assembly on Thursday. There, he noted that these funds will be for the period ending December 31, 2023.

And he asked that the next convened sitting of the National Assembly be the date for the consideration and approval of the supplementary funding.

The 2023 National Budget, passed in February, is $781.9 billion.

Last month the National Assembly approved $31 billion in supplementary funding to cater for direct disbursements to Guyana’s Indigenous communities and climate adaptation measures.

Based on the details of this new financial paper, a majority of the supplementary funding- $33.3 billion- is being sought for the Ministry of Public Works to be spent on several capital projects.

This includes provisions for the construction of the Wismar Bridge ($2.1 billion); the construction and rehabilitation of hinterland, community, and urban roads; fortifying the sea and river defense network; and the development of wharves and stellings.

Additional funding of about $5.6 billion is sought on behalf of the Ministry of Agriculture to facilitate, among other things, “urgent drainage and irrigation works” in Regions Two, Three, Four, Five, and 10.

Some of that allocation will also be used to help facilitate the rehabilitation of temporarily abandoned lands at the Albion, Blairmont, Rose Hall and the Uitvlugt sugar estates.

The Office of the Prime Minister is also seeking $5 billion to provide additional resources to support power generation and data management activities.