Gov’t seeking approval for $47.3b more in supplementary funding

Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni Singh yesterday presented Financial Papers Numbers 2 and 3 to the National Assembly to address a number of urgent interventions across several key sectors including Energy, Agriculture, Infrastructure and Amerindian Affairs.

The Financial Papers, together amounting to over $47 billion, include Financial Paper No 2 of 2022 totalling $2.9 Billion which caters for Contingency Fund advances covering the period August 15-November 29, 2022. A release from the Ministry of Finance said that it provides for a number of interventions, including provision of additional resources to support the Linden Electricity Company and provision of additional resources to conduct urgent drainage works including rehabilitation of drainage channels, access bridges, revetments and dams along with the installation of stainless steel sluice doors in Regions 2 to 7 including Georgetown.

With respect to Financial Paper No 3 of 2022, the release said that $44.4 Billion is being sought, including supplementary funding of close to $1.4 Billion under the Office of the Prime Minister for provision of additional resources to support electricity companies in Linden, Lethem, Mabaruma, Kwakwani, Port Kaituma, Mahdia, and Matthews Ridge.

Another $6.6 Billion is being sought for the provision of additional resources for the payment of electricity arrears to the Guyana Power and Light Incorporated. The release said that the government remains committed to absorbing the impact of rising fuel prices on cost of services provided by electricity companies to ensure that it does not translate into high electricity bills for the Guyanese people. Approval is also being sought for $1 Billion for the provision of additional resources for operational expenses to the Guyana Sugar Corporation and $2 Billion for the National Drainage and Irrigation Authority.

Meanwhile, $18.2 Billion is also being sought under the Ministry of Public Works for the provision of additional resources to facilitate the upgrading of roads and drains in various communities, $938.2 Million for the provision of additional inflows under the Caribbean Development Bank’s programme for civil works on the Linden to Mabura Road Project, $275.9 Million for the provision of additional resources to facilitate completion of water supply interventions in hinterland areas and the procurement of a new drilling rig, and $371.1 Million for the provision of additional resources to procure vehicles to boost the operational effectiveness of the Guyana Police Force under the Ministry of Home Affairs.

On August 8 this year, with the main APNU+AFC opposition boycotting the National

Assembly in protest at the decision to suspend eight of its members, the government went ahead and approved $44,794,011,175 in supplementary financing.

The move to the National Assembly seeking the huge sum came just about six months after the Irfaan Ali government presented a $552.9 billion “historic” and “transformational” 2022 budget in January.

Financial Paper No 1 of 2022, seeking $12,239,279,235 under current programmes and $32,554,731,940 for capital works, was tabled in the House by Minister Singh at the July 21 sitting.

All three supplementary financial papers would amount to around 16% of the 2022 budget.