EU releases G$19.8 Billion to Guyana under Budget Support Programme

In a statement, the European Commission in Guyana explained that the Budget Support is proof of trust and true partnership as the funds are channeled through the national treasury and implemented by the Government of Guyana, under agreed indicators.

EU releases G$19.8 Billion to Guyana under Budget Support Programme

Describing it as a major contribution to the inclusive and sustainable development of Guyana and the substantial fiscal space for the country’s finances, in the context of the COVID 19 crisis, the European Union today released $19.8 Billion to Guyana under its Budget Support Programme.

In a statement, the European Commission in Guyana explained that the Budget Support is proof of trust and true partnership as the funds are channeled through the national treasury and implemented by the Government of Guyana, under agreed indicators.

The current programme started in 2017 and the latest disbursement brings the total allocated to Guyana so far to $51.6 Billion. There is still more than $20 Billion to be allocated. The programme’s life expires next year.

During a ceremony, this afternoon to announce the release of the funds, the EU representative in Guyana Ponz Canto noted that the EU has been offering support in Guyana over the years in a number of areas including national development. He said the partnership between Guyana and the EU will be strengthened and developed.

In response, President Irfaan Ali also praised the partnership that exists between Guyana and the EU. He said the funding will continue to go towards the government’s development plans.

The President noted the importance of the support at this time as Guyana like many other countries face the financial fallout because of the coronavirus pandemic. He said the Government has been able to mobilise the support from the EU.

President Ali said Guyana and the EU have made strong commitments that will ensure the disbursements are well managed and implemented to strengthen various areas of government and development.

The EU’s Budget Support is a contract based on a partnership with mutual accountability.

The use of budget support is subject to conditions and eligibility criteria have to be met before signing a contract and maintained during its implementation before payments are made.

The EU Delegation in Guyana and Headquarters in Brussels are tasked with monitoring public financial management systems closely as part of the general conditions and through the risk management framework.

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