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
Full Paper
FEB
2023