Economy

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

President Irfaan Ali on Wednesday night unveiled a package of measures to ease the cash strain on thousands of Guyanese due to the economic downturn caused by the COVID-19 pandemic, even as he announced plans to increase testing countrywide and acquire results in a short time and clear a backlog of 700 tests. The President said his administration wants to ...

Guyana has put a “hold” on the international bidding process for oil companies to lift and sell its share of crude oil sales from one of ExxonMobil’s several oil fields offshore the north-east coast of South America, Vice President Bharrat Jagdeo announced Friday. He said the now one-week-old administration, which was sworn in five months after a disputed general election, ...

The Guyana government plans to open negotiations with United States (US) oil giant ExxonMobil to purchase natural gas to push industrialisation and provide cheap electricity to the nation as well as entrench local content requirements to ensure Guyanese are not paid lower salaries than in other countries, Vice President Bharrat Jagdeo told a news conference on Friday. Claiming that the ...