Budget 2022: Guyanese govt allocates $743.7 millon for fishery sector, decreases fuel prices

Guyanese government this time has allocated a total sum amount of $743.7 million to boost and support the fisheries sector of the island country in the Budget 2022.

Georgetown: Guyanese government this time has allocated a total sum amount of $743.7 million to boost and support the fisheries sector of the island country in the Budget 2022, the Finance minister, Dr Ashni Singh stated.

Out of this total amount allocated by the PPP/C government ( People’s Progressive Party), a total of $ 230 million will be spent on the second phase of the Brackish-Water shrimp production initiative.

The finance minister highlighted this increased amount would eventually assist in increasing aquaculture production by more than 300%, driving the brackish-water shrimp production to 500,000kg per annum.

An additional amount of $200 million will also be spent by the Guyanese government in order to introduce and develop marine cage fishing which will assist in enhancing and strengthening the production of prawns and tilapia.

In addition, a total sum amount of $5 billion will be provided by President Dr Irfaan Ali led-administration for the cost of living interventions to aid in easing the impact on the most vulnerable communities of the Caribbean country. The finance minister noted further consultations would take place with the people of communities who have been most impacted both on the coast and in the hinterland on possible interventions.

On the other hand, the personal income tax threshold will be increased to $75,000 monthly. This will raise a total of $1.3 billion into the hands of the current taxpayers both in public as well as in the private sectors.

The low-income loans ceiling will be further increased to the amount of $15 million, which will make the housing loans from the commercial banks more affordable to the people or the borrowers within that range, and help to encourage the individuals who at the present time have a house lot to proceed to borrow and build.

Guyanese government has also announced a decrease in fuel prices. The excise tax on gasoline and diesel was reduced from 20% to 10%, which came into immediate effect.