Budgetary allocations for the Ministry of Business approved

 

 

FB-MINISTRY OF BUSINESS

As the first day of the work of the Committee of Supply got underway, a sum  total of $1,215,817,000 was approved for the Ministry of Business and it’s subvention agencies.

The allocation is spread over several areas and caters for a number of projects and programmes. The Current expenditures are estimated at $668,564,000 and the Capital budget totals $547,253,000. The capital budget will cater for an infrastructural agenda that will provide motivation to attract investment and bring about great economic growth. Of this sum $212 M has been allocated for developing and fixing industrial estates in Lethem, Region Nine and Belvedere, Region Six. These estates will benefit over 120 new businesses.

The impact of the current expenditure of the Ministry of Business will relate directly to the achievement of the Ministry’s five main strategic goals which are as follows:

  1. Improve the ease of doing business in Guyana
  2. Attract increased foreign investments in our economy
  3. Support the development and exports of value-added industries
  4. Increase the economic opportunities and capabilities of vulnerable groups
  5. Expand our capacity to develop and promote sustainable business-friendly policies

These are the goals on which the Ministry of Business’ 2020 Strategic Plan will be based and these are the goals that all our activities are designed to contribute to.