Dear Editor,

The Private Sector Commission (PSC) of Guyana applauds the Government of Guyana for presenting a forward-thinking and impactful 2025 National Budget under the theme “A Secure, Prosperous, and Sustainable Guyana.” The policies outlined by the Honorable Dr. Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance, reflect a clear commitment to fostering inclusive growth, reducing inequality, and creating an enabling environment for businesses to thrive.

The budget, with a total expenditure of $1.382 trillion, is a testament to the Government’s dedication to ensuring that the benefits of Guyana’s unprecedented economic growth are shared equitably among all citizens.

With the economy achieving remarkable expansion in 2024, including a 43.6% increase in GDP and robust growth in non-oil sectors, the PSC is heartened by the targeted measures to sustain this momentum.

The Commission recognizes the profound impact of the Government’s fiscal reforms on the lives of Guyanese people. The significant increase in the personal income tax threshold from $100,000 to $130,000 monthly, coupled with a reduction in the first tax band from 28% to 25%, would increase disposable incomes for families and stimulate domestic spending.

Similarly, the introduction of non-taxable thresholds for overtime earnings and secondary employment incomes underscores the Government’s understanding of the realities faced by the workforce.

For the business community, the removal of VAT on critical inputs, such as agricultural machinery and backup generators, is a welcome initiative. These measures not only reduce operating costs for key industries, but align with efforts to diversify the economy and strengthen non-oil sectors such as agriculture and manufacturing.

Furthermore, accelerated depreciation provisions for poultry farmers’ investments demonstrate a proactive approach to supporting food security and boosting the agro-processing sector.

Social measures such as the increase in old-age pension, public assistance, and the Because We Care grant reflect the Government’s deep commitment to improving the standard of living for vulnerable groups. These initiatives, coupled with the abolition of bridge tolls, would alleviate financial burdens on families while promoting greater mobility and economic participation.

The PSC is encouraged by the Government’s efforts to maintain macroeconomic stability, address inflation, and invest in resilient infrastructure — measures which are critical to fostering a strong and sustainable economy.

Continuation of measures to contain freight costs reflects a pragmatic approach to shielding businesses and consumers from external shocks, thereby ensuring economic resilience.

Budget 2025 would enable continuous private sector growth; empower businesses to drive innovation; create jobs; and build a strong, sustainable economy that benefits all stakeholders.

The PSC looks forward to working collaboratively with policymakers to ensure the successful implementation of these initiatives, and to advocate for further policies that enhance Guyana’s economic competitiveness and social well-being.

Sincerely,

Private Sector

Commission

Dear Editor,

The Georgetown Chamber of Commerce and Industry (GCCI) extends congratulations to the Government of Guyana on presentation of the $1.382 trillion 2025 National Budget under the theme ‘A Secure, Prosperous, and Sustainable Guyana’; it was, notably, an increase of 20.6 percent from the 2024 National Budget with no new taxes.

As Guyana’s development continues on an upward trajectory, the GCCI is pleased with the projected GDP growth of 10.6 percent for 2025, coupled with the anticipated 13.8 percent growth in the non-oil economy this year. With these projections, Guyana is expected to remain the world’s third fastest growing economy. This comes on the heels of the country’s noteworthy economic performance in 2024 of 43.6 percent growth overall and an increase of 13.1 percent in the non-oil economy.

Guyana’s development and outstanding economic performance require prudent economic management and measures, and the Chamber has taken note of several interventions that cater to increasing sectoral performances sustainably while investing in socio-economic development.

The Chamber wishes firstly to applaud the Government for increasing the income tax threshold to $130,000 while decreasing the PAYE rate to 25 percent, thereby increasing employees’ disposable incomes. These measures, in conjunction with several other cash injections through one-off cash grants, annual cash grants, and old age pensions and public assistance increases, as well as measures to alleviate the cost-of-living, amount to a keen focus on improving citizens’ welfare.

The GCCI also commends the increased investments in the agriculture, extractives, manufacturing, construction, and services sectors, particularly given the projected sectoral growth.

Additionally, the Chamber has noted the strong focus on infrastructural development and the energy sector. It is crucial that focus be placed on aligning the country’s infrastructure with increasedinvestment interests, especially in relation toenergy and transportation infrastructure.

Among the numerous projects announced, the Chamber wishes to highlight the focus on small business development with injection of $3 billion for establishment of industrial estates in Regions 2, 3, 4 and 10. This, in addition to the proposed removal of import tax and VAT on machinery used in the agriculture sector; the removal of VAT on automated poultry pens, veterinary supplies, and backup generators; as well as measures to reduce freight costs, are welcome interventions.

Over the years, the GCCI has continued to highlight challenges with the labour shortage; as such, the move to invest heavily in the education sector — including funding of the University of Guyana and other technical institutes across the country, thereby removing tuition — must be commended as a step in the right direction. This will further enhance the country’s workforce and ability to meet the needs of all sectors, particularly the oil and gas industry.

The GCCI remains resolute in its role as an advocate for economic development and increased standard of living in Guyana. The Chamber supports the Government of Guyana in these initiatives, and welcomes Budget 2025 as a vehicle for continued growth and development.

Sincerely,

Georgetown Chamber

of Commerce and

Industry