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Economy

Norton’s gas price subsidy is “cake-shop” economics – Jagdeo

Vice President Bharrat Jagdeo on Wednesday frowned on Opposition Leader Aubrey Norton’s proposed subsidy on the price of gasoline in order to ease the rising cost of living. Mr Norton specifically recommended that the government should ensure gas prices do not increase above a determined level by compensating suppliers for any price increases where the excise tax reductions have already ...

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ExxonMobil faces increased fine for flaring

The ExxonMobil-led Esso Exploration and Production Guyana Limited (EEPGL) will have to be pay a higher fine of US$50 per tonne of carbon monoxide, up from US$30, if it breaches the flaring rules under its Environmental Protection Agency’s (EPA)-renewed five-year permit for the Liza 1 project in the Stabroek Block.  “The permit also goes further to require the Permit Holder ...

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Bailout for high cost living; income tax to be lowered

President Irfaan Ali on Tuesday , one day ahead of the 2022 National Budget presentation, announced that government  has set aside money to cushion the impact of  rising cost of living but indicated that it would not be unconditional cash grants. “A specific sizeable allocation will be made to address the issue of cost of living,” he said, adding that ...

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Use ‘oil money’ to provide income tax relief, increased pensions, grants, improved infrastructure

The opposition People’s National Congress Reform (PNCR) on Friday recommended that government considers a raft of measures, including lower income tax, fatter pay packets and increased pensions in the 2022 national budget to cushion the impact of the 20-percent increase in the cost of basic items. Highlighting that Guyana’s economy was projected to record real growth of 49.7% plus US$607 ...

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Policies to be crafted to cushion impact of rising global prices- President Ali

President Irfaan Ali on Saturday- Christmas Day- said government would be working out policies to ease the impact of  rising global prices as a result of a slowdown in supply chain operations because of the coronavirus pandemic. “The outlook for 2022 is exciting but will not be without challenges as we continue to face a worsening global supply chain. The ...

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Guyana poised to sell eco-system services valued at US$5.4 billion annually

President Irfaan Ali on Thursday made it clear that Guyana was tapping into the multi-trillion dollar oil and gas sector to invest in the social sectors, technology, infrastructure while eventually hoping to rake in billions of  dollars annually from the sale of carbon credits. The document states that the Emission Reductions Purchase Agreements (ERPAs) for the sale of carbon credit ...

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Guyana, Suriname presidents to sign agreement for Corentyne River Bridge construction

Guyana and Suriname will next month sign an agreement to build a bridge across the Corentyne River. Officials say the signing will take place when President Irfaan Ali visits Suriname for that country’s Independence Anniversary on November 25. Guyana’s Public Works Minister Juan Edghill and Suriname’s Public Works Minister Dr Riad Nurmohamed on Saturday planted their country’s flags on Long ...

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Guyana, ExxonMobil about to ink Payara well approval; hefty fines for flaring, dumping untreated water

Guyana is on the verge of signing an agreement with ExxonMobil for its Payara Development Plan that would provide for hefty fines for flaring and the dumping of untreated water back into the sea, Minister of Natural Resources Vickram Bharrat said Friday. He told News-Talk Radio Guyana 103.1 FM/Demerara Waves Online News that the actual fines were still under discussion ...

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Govt engages major development partners on stalled projects

by Samuel Sukhnandan Government has engaged some of its main development partners including the Indian Government, the Inter-American Development Bank (IDB) and the Caribbean Development Bank (CBD) on several key projects that have been in the pipeline for many years, but never came to fruition. Public Works Minister Mr Juan Edghill said during discussions, the government conveyed its desire to have the ...

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RUSAL interested in reopening Guyana operations; to submit report to govt

by Samuel Sukhnandan The Russian Aluminium (RUSAL)-controlled Bauxite Company of Guyana Inc. (BCGI) has expressed an interest in reopening after suspending its operations in February this year and firing hundreds of workers, citing industrial unrest and damage to property. The company’s Country Representative and General Manager Mr Vladimir Permyakov met with a high-level team of ministers and other government officials on Monday, where they ...

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