During Cabinet deliberations on Thursday, the Irfaan Ali administration examined government’s expenditure portfolio and profile and the investments critically needed to transform the new oil producing country.
“Just to let you understand how important this is, for the remainder of this year, with the supplementary [budget], government will be investing close to $500 million…of capital expenditure every day in projects and programmes across the country. This is what creates opportunities and wealth,” President Ali told those gathered at a sod turning ceremony for a new hotel at Guyana’s main international airport on Friday.
The $500M (US$2.4 million) per day approximate expenditure is part of the government’s drive to invest in major infrastructure and other projects that are geared towards transforming the economy as more investment opportunities, fueled by the oil and gas sector, pour in.
Mr. Ali encouraged any Guyanese with a plan to come forward and to be assured that the country is open to all for business. He pointed out that his government will invest in ensuring that all have access to existing opportunities and will be working closely with the private sector to push its development agenda.
“That is how real economies operate; that is how real progress takes place; that is how sustainable development occurs,” he pointed out.
Mr. Ali has urged local private sector players to up their game and form consortia to meet the growing needs of Guyana’s oil-driven economy.
“The private sector needs to come together, build synergy, build consortiums. Go after the opportunity so you give us something to fight with you for,” the President has said.
The discovery of over 9 billion barrels of oil equivalent resources since 2015 offshore Guyana and start of production in December 2019 have catapulted the country to the top of the list of prime locations for investment in the Latin America and Caribbean region.