GEORGETOWN, Guyana: In a move aimed at easing the financial burden on citizens ahead of next year’s national elections, Guyanese President Irfaan Ali announced a series of significant benefits, including free college tuition and a one-time cash payment of nearly $1,000 for each household.
These measures are part of a broader effort to share the wealth of the South American country’s rapidly expanding oil industry with its nearly 800,000 residents.
Ali also outlined plans to halve electricity bills and raise the monthly minimum wage from US$350 to $500 starting in 2024. The announcement, made during a special parliamentary session, reflects Guyana’s transformed economic status since the discovery of vast offshore oil reserves.
Vice President Bharrat Jagdeo, speaking at a press conference after the session, underscored the government’s confidence in funding these initiatives, noting that the country’s economy, now valued at $22 billion, is capable of supporting the proposed cash grants to approximately 264,000 households. “We have the financial means to support our people,” Jagdeo said, highlighting the sharp economic growth that has accompanied Guyana’s rise as a major oil producer.
Once one of South America’s poorest nations, Guyana’s fortunes shifted dramatically when a consortium led by ExxonMobil found significant oil deposits off the coast in 2015. Since then, the country has rapidly developed its oil production capabilities, with output expected to reach 1.3 million barrels per day by 2027. In 2022, Guyana’s GDP grew by more than 60 percent, the fastest rate globally, according to the International Monetary Fund.
Among the perks announced, the return of free tertiary education stands out. Free university tuition was available in Guyana from the 1970s until the early 1990s, when it was discontinued under pressure from the International Monetary Fund. Now, buoyed by oil revenues, the government is reintroducing it as part of broader efforts to address the high cost of living.
Jagdeo also emphasized the government’s commitment to using oil wealth to improve infrastructure and public services. Projects already underway include new hospitals, schools, highways, hotels, and the country’s first deep-water port. A $1.9 billion gas-to-energy project is also in progress, which is expected to significantly reduce electricity costs.
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Publish date : 2024-10-15 22:44:00
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