BUDGET 2024: Major focus on flood management, drainage as agri. sector gets $97.6B
The government has budgeted nearly $100 billion for the agricultural sector and a huge part of that allocation will be spent on drainage and irrigation thereby bolstering Guyana’s flood management capabilities.
This was revealed by Finance Minister Dr. Singh on Monday during his presentation of the 2024 National Budget at a sitting of the National Assembly being held at the Arthur Chung Conference Centre, Liliendaal, Georgetown.
Dr. Singh said a total of $97.6 billion has been set aside for agricultural development in Guyana.
Out of that allocation, $6 billion will go to the Guyana Sugar Corporation (GuySuCo), $1.3 billion to the rice sub-sector, $78 million to the coconut sub-sector, $2.6 billion to advance the production other crops including high-value produce like broccoli, cauliflower, bell peppers and lettuce, and $967.8 million, to further develop the Tacama facility where corn and soya is being produced.
Further, Dr. Singh said the government will continue to support the agro-processing industry through training for farmers, providing storage facilities and expanding market opportunities. So $527.4 million has been allocated for agro-processing purposes.
Another $1.5 billion has been allocated for the poultry sector and the government plans to establish a “modular duck processing facility” and invest in other projects for this subsector.
And $1.2 billion has gone towards aquaculture and fisheries.
This massive allocation comes as Guyana leads the Caribbean Community’s (CARICOM) ambitious food security agenda of reducing costly extra-regional food imports by 25% by 2025. Guyana has been encouraging its CARICOM sister nations to grow more food and trade more among each other.
But it is clear that the government is focused heavily on ensuring that Guyana’s drainage capabilities are well in order since $72.3 billion- out of the $97.2 billion agriculture budget- has been allocated for the maintenance and upgrading of the national drainage and irrigation network.
Comparatively, $19.7 billion was allocated for drainage and irrigation works in the 2023 National Budget.
Dr. Singh revealed that the government will begin the construction of two huge canals- similar to the massive Hope Canal- in Regions Five and Six this year. Canals across the country will also be rehabilitated.
Additionally, 40 mobile pumps will be placed in several communities.
