GYD$2 billion cash grant is economic stimulant- Finance Minister

Last Updated on Friday, 1 January 2021, 12:47 by Denis Chabrol

Minister of Finance Dr. Ashni Singh said the GYD$2 billion cash-grant for the estimated 60,000 government employees is aimed at triggering greater economic activity.

“The one-off grant not only forms part of Government’s many other initiatives designed to bring relief to frontline workers and to households across Guyana, but is also a mechanism to stimulate economic activity in the country as it will allow for $2B to be placed in the hands of employees in the public sector, who will in turn consume or spend the disposable income in markets, shops, or other businesses within the country,” the Finance Ministry said in a statement.

Dr.  Singh was quoted as saying that the GYD$25,000 COVID-19 cash relief programme, the bonus paid to the Disciplined Forces and frontline healthcare workers as well as the GYD$25,000 cash grant for all public servants, members of the Disciplined Forces, healthcare workers, teachers, workers of GUYSUCO and other public corporations as well as statutory entities such as the Environmental Protection Agency (EPA), Guyana Forestry Commission (GFC) and the Guyana Geology and Mines Commission  as well as government pensioners would amount to GYD$10 billion.

The Finance Ministry has been instructed to process the payment of the grant immediately. “Our intention is to ensure that public sector employees receive this grant   immediately, so work is ongoing as we speak to ensure that processing is done as swiftly as possible,” the Finance Minister said.

The Minister added that the one-off payment is to be made to all public servants,  teachers, members of the Disciplined Services, employees of statutory bodies, subvention agencies and employees of public corporations such as the Guyana Sugar Corporation (GUYSUCO). Additionally, public service and Disciplined Services pensioners will also receive the one-off grant.

“This one-off grant will see in excess of $2B being paid to more than 60,000 public sector employees. This grant is being paid by Government in recognition of the hardships that have been faced and the very challenging circumstances that have faced the employees of the public sector and their families,” he added.