The government has set aside a total of $7 billion in the 2024 National Budget aimed at containing the impact of price increases.
Finance Minister Dr. Ashni Singh said the monies will be spent after consultation with stakeholders.
In 2023 and 2022, the government acknowledged that many people are affected by a rising cost of living and as such, $5 billion was set aside each year for additional measures to ease this burden.
This is in addition to significant support in drainage and irrigation along with the distribution of fertilizers to farmers to maintain production, while also aiding in mitigating price increases to the consumers.
Dr. Singh explained that the rising cost of living is linked to the global developments but assured people that the government is keen on engaging stakeholders to implement interventions that will alleviate the impact of rising prices.
Additionally, in 2024, the government will partner with the commercial banks to lower the interest rates on loans up to $5 million, thereby reducing the cost of financing for small businesses.
This is in addition to other support for small businesses.