Six months after being given approval for its massive $1.1 Trillion Budget, the Government has returned to the National Assembly, seeking an additional $40 Billion.

Finance Minister, Dr. Ashni Singh presented two Financial Papers to the National Assembly this morning to seek the additional funds.

In a statement, the Ministry of Finance explained that the additional money is being sought to support the Government’s ramping up of key sectors of the economy amid its continued expansion and current status of being the fastest growing economy in the world.

Financial Paper Number 1 is seeking approval for Supplementary Estimates (Current) in relation to advances made from the Contingency Fund totaling $8.6 Billion between the 1st April and the 30th July, while Financial Paper Number 2 caters for Supplementary Estimates (Current and Capital) totaling $32.2 Billion for the period ending the 31st December 2024.

In the supplementary Financial papers, the Government is seeking $16 Billion for the Guyana Power and Light (GPL).

The Finance Ministry said that money will cover the Government’s decision to absorb the impact of rising fuel prices on the cost of services provided by electricity companies.

It is also seeking a supplementary approval of $1.1 Billion for additional resources to support electricity companies in Linden, Lethem, Mabaruma and Matthew’s Ridge.

Outside of the electricity sector, the Government is also seeking approval for another $9.5 Billion for the Guyana Sugar Corporation (GUYSUCO).

The Government said its continued investments in GUYSUCO form part of the efforts to revitalize the industry in line with its commitment to the country.

GUYSUCO was allocated $6 Billion in this year’s budget which was passed six months ago.

The Government is also seeking a sum of $2.3 Billion to settle outstanding payments owed to numerous suppliers of goods and services to a number of Government agencies over the years.

Financial Paper 2 also caters for a sum of $1.6 Billion under the Ministry of Public Works for Sea and River Defence works, $297.4 Million to support the operations of the Transport and Harbours Department, $159.2 Million for the completion of the Bartica Stelling and $680.5  Million to facilitate critical upgrades to Ferry Vessels.

$904 Million is being sought for the construction and rehabilitation of hinterland roads and $600 Million is being sought for the completion of  infrastructure for the critical supply of water to far-flung communities.

The Supplementary Budget is expected to be debated at the next sitting of the National Assembly.

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