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Guyana starts spending oil income

Regional 08 Mar, 2021 Follow News

Guyana will invest heavily in construction with its oil income

Guyana’s national assembly passed the largest budget in its history in anticipation of its potential huge oil revenues at some G$383 billion (KY$1.50bn) last Thursday.

The budget was themed as, “A Path to Recovery, Economic Dynamism and Resilience,” and was passed four days ahead of schedule despite the main opposition coalition walking out on discussions.

It includes funds to make improvements to infrastructure, education, health and provides direct benefits to citizens, Finance Minister Ashni Singh said after the budget was passed.

“There are investments contained there for roads, schools, medical centres, and so on, all intended to not only deliver services and quality of life, but generate economic activity, create jobs and increase income,” Singh said.

The opposition were expected to make a legal challenge against changes made to the Fiscal Management and Accountability Act (FMAA) heard last Friday. Government officials suggested this is why the opposition parties walked out.


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