By Antonio Dey | HGP Nightly News |
Guyana’s national budget for 2026 now stands at a historic $1.558 trillion, following an almost six-hour presentation by Senior Minister with Responsibility for Finance, Dr. Ashni Singh, in the National Assembly on Monday.
The 2026 budget represents a 307 percent increase over the $383.1 billion budget presented in 2021, underscoring the scale of Guyana’s economic expansion and the government’s ambitious development agenda in the oil and gas era.
Presented under the theme “Putting the People First,” the budget aims to translate strong macroeconomic performance into tangible improvements in living standards, infrastructure, and social services. According to Dr. Singh, Guyana’s economy is projected to grow by 19.3 percent overall, with the non-oil sector expanding by 14.3 percent, signaling continued diversification beyond petroleum revenues.
A central pillar of the 2026 fiscal plan is empowering small, micro, and medium-sized enterprises (SMEs), which remain key drivers of employment but often face limited access to financing. To address this, the government will inject US$100 million into the Guyana Development Bank.
This initiative will allow SMEs, young entrepreneurs, women, and persons with disabilities to access zero-interest microcredit loans of up to $3 million, with no collateral requirements, a move described as transformative for inclusive economic participation.
Several tax relief and cost-of-living measures were also announced. Value-Added Tax (VAT) has been removed from locally produced furniture items such as doors, mouldings, and beds, a step intended to stimulate the forestry and manufacturing sectors while reducing construction costs. Additionally, the monthly income tax threshold has been raised to $140,000, providing relief to thousands of working Guyanese.
Social support initiatives remain a major feature of the budget. A $100,000 National Cash Grant will be distributed to all Guyanese aged 18 and older, representing more than $60 billion in direct transfers. Support for senior citizens has also been expanded, with the old-age pension increasing from $41,000 to $46,000 per month starting January 2026, alongside a one-time $20,000 transportation grant.
Taken together, the measures outlined in the 2026 budget reflect a broad strategy to ensure that Guyana’s economic growth delivers meaningful benefits across all segments of society.
As the country continues its rapid transformation, the $1.558 trillion budget stands as a defining financial statement—one that prioritizes people, strengthens enterprise, and invests heavily in the foundations of long-term national development.
