Archive for 2023

A central bank digital currency (CBDC) is a digital version of cash issued by a central bank that can be used to make electronic payments. It is legal tender, and complements physical cash through its advantages of security, speed, low cost, and convenience.
CBDCs differ from other private forms of digital payments because they are guaranteed by the central bank. A well-functioning CBDC meets a clearly identified demand and operates on a secure and resilient digital payments platform. Also, it is supported by the
key financial institutions and other payment service providers (PSPs) and enjoys broad support from the public, business, and government.

Published Date: July 2023
Author: M. Dacosta
Download: Project on CBDCs in Caribbean Final Version July 5 2023

The main objective of this note is to conduct an analysis of the budgetary targets for 2023 and of the budgetary profile for the medium-term (2024-2026) as set out in the Government’s 2023 budget documents. To provide context for this analysis, the note begins with a review of Guyana’s fiscal performance in 2022, compared to the budgetary targets that were set out for the year. A review of the fiscal performance in 2022 provides a useful perspective for analyzing the 2023 budget targets due to the fact that 2022 was the year in which the Government made an initial attempt to implement a comprehensive capital expenditure program largely funded by oil revenues and aimed at transforming the structure of the economy.

Published Date: May 2023
Author: K. Dublin
Download: Guyana: Review of Fiscal Performance in 2022 and the Medium Term Final Version May 8

Guyana’s budget for 2023 is unprecedented in size and scope, fuelled by the country’s growing petroleum-related revenues. At G$782 billion, or about US$4 billion, it is 41 percent larger than the 2022 budget.

Current revenue is budgeted to increase by 35 percent in 2023 mainly as a result of transfers from the NRF. Revenue other than that related to oil and carbon credits is expected to rise by 12 percent, broadly in line with the growth of the non-oil economy. Current expenditure is budgeted to grow by about 10 percent, with the wage bill and private transfers growing by 20 percent (13 percent in 2022), and 28 percent (15 percent in 2022) respectively. The rise in private transfers reflects continued increases in cash grants to students, the disabled, and public assistance recipients, as well as in pensions.

Published Date: February 2023
Author: M. DaCosta
Download: Review of Budget for 2023

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