The Guyana government on Monday announced a series of measures aimed at improving the lives of citizens including the purchase of one billion dollars (One Guyana dollar=US$0.004 cents) in fertilizer for free distribution to farmers and GUY$25,000 to households in riverain and hinterland communities.
President Dr Irfaan Ali in a broadcast said that the grant to every household in the riverain and hinterland communities will result in an estimated GUY$800M being pumped into the economy and will cushion the impacts of the rising cost of living.
Ali said that the funds would come from the five billion dollars allocated in the national budget to cushion the impact of rising cost of living due to the ongoing war in Europe as a result of Russia’s invasion of Ukraine.
“In order to cushion the impact of the rising cost of fertilizer on farmers and to limit the pass-through to food prices, my government would be purchasing one billion dollars’ worth of fertilizer for free distribution to farmers for use in their planting and replanting activities,” he said.
He said with fertilizer accounting for 15 to 30 percent of operational costs, the free fertilizer initiative would significantly reduce input costs and help scale up production and adequate supply “which is critical for maintaining price stability”.
Ali also announced that his administration would be establishing a special unit to help landowners of both private and government-owned lots secure financing, construction, and delivery of predesigned houses worth seven, nine, and GUY$12 million.
The unit will support applicants with the process of applying to banks for financing and with the initial phase of construction by releasing the necessary resources.
The President indicated that government would examine the possibility of “releasing resources” for the initial phases and would also construct complete homes.
“We expect that this measure will help to drastically accelerate the capacity of Guyanese families to own and occupy their own home and house lots that they have already owned or they have been allocated but on which they are currently having difficulties managing the complex process of home-ownership and also having access to financing,” he said.
Ali also announced the removal of value-added tax (VAT) on additional construction materials until the market stabilizes reminding the population that these new measures are in addition to a wide range of initiatives already announced by his government to address the rising cost of living and to bring relief to all citizens of Guyana.
He is promising that the government will continue consultations and will in the future make more announcements aimed at bringing further relief to the public.
CMC/
