Guyana Presents Massive $4.7 Billion Budget to Accelerate Growth

Guyana unveiled a US$4.7 billion annual budget, marking a significant 46% increase from the previous year.

Guyana’s government is prioritizing infrastructure development and agriculture, aiming to accelerate economic growth triggered by its growing oil exports.

Finance Minister Ashwini Singh emphasized the government’s commitment to ensuring every family has access to essentials like decent housing, nutritious food, quality healthcare, education and skills training, clean water and sanitation and recreational facilities.

Guyana is also doubling down on its energy sector. Millions will be invested in renewable energy projects, complementing the recent launch of a carbon credit program based on forest conservation. Additionally, dozens of agri-processing centers are being established to encourage greater participation in agriculture.

The budget dedicates GUY$204.1 billion (US9$57 million) to upgrade and expand the country’s road and bridge network. Additionally, GUY$129.8 billion (US$621 million) are allocated to strengthen the healthcare sector, ensuring quality care for all citizens.

This ambitious spending spree is fueled by Guyana’s extraordinary, oil-driven economic boom. The International Monetary Fund (IMF) estimates a 38% growth for the country in 2023, fueled by oil exports that soared from US$2 billion in 2019 to US$12 billion in 2023.

BMI Research, a unit of Fitch, predicts a staggering 100% economic growth for Guyana by 2027. Analysts expect oil production to reach 1 million barrels per day by that year, almost triple the current volume.