City chamber throws its weight behind Budget 2024

The Georgetown Chamber of Commerce and Industry (GCCI) has come out in support of the National Budget 2024 of $1.1 trillion and says it represents an increase in support for the citizenry, social services, infrastructure, and opportunities for the private sector.

The Chamber said in a release that the budgetary measures centred on the thematic areas of an ease in the cost of living, support for the vulnerable, increase in disposable income, and addressing National Insurance Scheme issues. It also highlighted the measures to contain the cost of fuel, reduce the freight charges which were described as being of continued importance to the private sector. “These policy measures are timely as they ensure that there is a mitigation in the global inflationary pressures which can have damaging pass-through effects to Guyanese enterprises and citizens at large.”

Also described as an important policy measure is the plan to collaborate with financial institutions in Guyana to lower the interest rate on loans up to $5 million which the GCCI posited, represents a “critical” lifeline for the support for micro and small enterprises, which will assist in access to finance for micro and small enterprises. Further, the $7 billion buffer which is allocated to contain the impact of price increases is a measure which offers support that can be tailored to emerging inflationary issues in the economy.

The release also touched upon the initiative to remove the burden of student loans from University of Guyana graduates, which it referred to as a step in the right direction to build the skillset of the Guyanese people.