Tuesday, March 30, 2004

Gya: Budget aims for low growth

FINANCE Minister Sasenarine Kowlessar presented a $75.6 billion no-tax budget to the National Assembly yesterday, saying it aimed at reforming and strengthening the Guyanese economy and advancing the well-being of the country's inhabitants.

Minister Kowlessar believed the measures, the largest ever in Guyana's history, would propel Real Gross Domestic Product (GDP) by 2.5% in 2004.

The budget, which is 5.3% bigger than last year's, was presented under the theme, 'Investing for Sustained Growth and Enhanced Social Development.'

...Minister Kowlessar proudly announced that the exchange rate is expected to remain stable this year; inflation rate is projected at 4.5%; hundreds of jobs are to be created through new and expanded investments; merchandise exports are expected to increase by 6.9%; overall balance of payments is expected to improve; investment in infrastructure is expected to increase, along with spending in the social sector.
The exchange rate: G$190.58 = US$1. I wonder what the average Guyanese think of this budget?


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