Vice President Bharrat Jagdeo has underscored the critical significance of the upcoming year for the People’s Progressive Party/Civic (PPP/C) administration, reaffirming the government’s dedication to delivering on promises made during the 2020 elections. Speaking at a high-level meeting with government officials and senior public servants on September 24, 2024, Jagdeo stated that 2025 would be pivotal for realising these electoral commitments.
“This is a very important year for us because we expect to complete the list of promises we made to the electorate when we were contesting the elections,” Jagdeo remarked. He emphasised the PPP/C’s belief in honouring its commitments, stating, “The promises you make to people have to be fulfilled.” While acknowledging the progress made, particularly in tax relief and social measures, he noted that several tasks remain outstanding. However, he expressed confidence that these remaining objectives would soon be achieved.
Addressing agency heads responsible for managing 95 percent of the country’s public spending, Jagdeo stressed the importance of focusing on serving the people and managing resources efficiently. He referenced a recent government circular outlining expectations for improved efficiency and cautioned against expecting substantial annual increases in the recurrent budget. Noting the significant boost to wages and salaries, which increased the wage bill by $90 billion, Jagdeo insisted that further growth in recurrent expenditures should be closely monitored. “We are going to pay careful attention to any significant growth in recurrent expenditures, outside of wages and salaries,” he said.
Jagdeo explained that the PPP/C’s election promises were conservatively crafted to ensure financial feasibility. “Our promises, although they seemed a lot, were very conservative…we did not make promises we could not fund,” he stated, contrasting this approach with that of the previous administration, which he claimed made unrealistic promises.
Despite the conservative nature of the manifesto, Jagdeo revealed that the government has already surpassed those promises by implementing additional measures aligned with a broader strategic vision for Guyana. “All the measures we have implemented beyond the promises were guided by a strategic vision…they are all leading to the completion of the end goal for Guyana,” he remarked.
He highlighted key government strategies, such as the Low Carbon Development Strategy (LCDS) and the National Development Strategy, as blueprints for the nation’s future. While acknowledging the potential benefits of oil revenues, Jagdeo urged caution, noting the volatility of global oil prices. “The best days for oil revenues are ahead of us, particularly if the current prices hold globally… but there is a real risk of a price collapse,” he warned, advocating for fiscal prudence in the recurrent budget to avoid locking the government into unsustainable spending commitments.
Budget 2025, anticipated to be presented early in the new year, is already in the preparation stages. Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, echoed Jagdeo’s sentiments, indicating that the upcoming budget would build upon the progress outlined in the 2024 budget, which amounted to $1.146 trillion and set forth a comprehensive plan for improving the livelihoods of Guyanese citizens.
The meeting was attended by Permanent Secretaries, Regional Executive Officers from all ten regions, and Chief Executive Officers from key public sector entities, including the Guyana Sugar Corporation and Guyana Power and Light. The continued emphasis on fiscal responsibility and strategic growth during the discussions signalled the government’s commitment to sustainable development as preparations for Budget 2025 advance.
