“Proceed with caution” is the advice being given by the President of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, to the Guyana government regarding potential cash disbursements to citizens, from oil revenue.
“I would advise being cautious on conditional cash payments. In lieu of this I would suggest incentives to reduce Guyana Power and Light and Guyana Water Incorporated monthly charges,” he told OilNOW on Tuesday.
The GCCI President was responding to a suggestion put forward to the government by a Guyanese Economist for direct cash transfers to be made to citizens when oil revenue begins to flow in 2020.
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“I would also encourage the reversal of changes to the Value-Added Tax Act over the past two years that made a lot of zero-rated items into exempt items,” he said, adding, I would also suggest increases to old-age pensions and other benefits for elderly care.”
Indar, who is also the Vice-Chairman of Guyana’s Private Sector Commission (PSC), further added that “A reduction in energy costs to businesses thereby reducing the cost of goods produced and sold will have a positive impact on the cost of living for common folk.”
The cost of living is high placing stress on Guyanese.