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Granger announces increased salaries, allowances for public servants; GYD$70,000 salary for sweeper cleaners

President David Granger on Wednesday announced a “tax-free” increase in salaries and allowances for public servants, following a meeting with representatives of the Guyana Public Service Union (GPSU) and three top government ministers. In an address to the nation, Mr. Granger said the “tax-free” increases retroactive to January 1, 2019 will be: 8.5 percent for those earning between GYD$100,000 and ...

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Guyana’s newest political party rules out coalescing with “giants” ; identifies campaign financing, constitutional reform as big ticket issues

Guyana’s newest political party, Citizenship Initiative (CI), has vowed never to join either of the two big political parties and to strive for constitutional reform. Speaking during an interactive session at the party’s launch at Herdmanston Lodge, executive member Ruel Johnson ruled out the Citizenship Initiative teaming up with the either the People’s Progressive Party (PPP) or the People’s National ...

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Coalition to promise tax breaks in 5-year manifesto

Finance Minister, Winston Jordan says the governing coalition’s general election campaign will not be pegged on the immediate benefits of oil money next year, but will list a number of tax concessions leading up to 2025 as more oil revenues pour in. He says lower individual, corporate, value-added and other taxes will find their way into the manifesto of the ...

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Bank of Guyana probe uncovering reasons for US notes shortage at cambios

A probe by the Bank of Guyana and other supervisory agencies into the shortage of United States (US) dollars at non-bank cambios has already raised some red flags, but Finance Minister Winston Jordan has declined to divulge details. Jordan said so far the investigations have shown that at least two non-bank cambios “have really caused this problem”. “Our investigation is ...

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WPA brands cash transfer gov’t critics “ignars”; calls on Granger to clarify position

Working People’s Alliance co-leader, Economics Professor, Clive Thomas has labelled as “ignars” those in government who have rebuffed his proposed transfer of 10 percent after-tax oil revenues to households. Professor Thomas has proposed that by 2025 when Guyana’s oil production soars to about 1 million to 2.5 million barrels per day, each household should get US$5,000 every year. Guyana has ...

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Accounts at Scotiabank “safe” although Bank of Guyana blocks sale to Republic Bank

The Bank of Guyana (BOG) Tuesday night confirmed that it rejected the intended sale of Scotiabank’s (Guyana) operations to the Trinidad-headquartered Republic Bank, while at the same time assuring Scotiabank customers that their accounts are safe and that that financial institution could not just walk away from the country. “Nothing will happen to their accounts. Their accounts will remain safe,” ...

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16% interest rate “ridiculous” for businesses to borrow from commercial banks – GCCI

The Georgetown Chamber of Commerce and Industry (GCCI) on Tuesday said its planned Business Development Forum would be geared to helping small businesses find other sources of financing. Senior Vice President of the GCCI, Timothy Tucker says that’s because interest rates at commercial banks are very steep compared to crowd-funding, boot-strapping and equity. “Apart from electricity costs in manufacturing, is ...

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Third Guyanese company enlisted on stock exchange

A sprawling 700-acre agricultural estate, operating under the name Pomeroon Trading, is set to become the third Guyanese company to be listed on the Guyana Stock Exchange in 10 years. Company Advisor, United Kingdom parliamentarian, David Lammy, says the company is about to sell more than 130,000 shares at US$7.50 per share to any new investor. “Pomeroon Trading will be ...

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