Tiny Country Giving $2,000 to Every Household Amid Exxon Oil Boom

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Guyana, the tiny South American nation, is giving $2,000 to every household in the country.Its president said the cash payments aim to narrow disparities and help with higher living costs.A huge Exxon oil find has supercharged Guyana's economic growth and filled the government's coffers. Thanks for signing up!

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By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy. You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. The world's fastest-growing economy is handing the equivalent of $2,000 to every household as it works to share its newfound oil wealth and soften the sting of higher living costs.

President Mohamed Irfaan Ali of Guyana, the South American country with just 800,000 people, announced the move last week and said his government would begin distributing the cash immediately.

Ali said the program aims to reduce Guyana's economic disparities and relieve financial stress on locals, according to a post on the Department of Public Information's website. It will inject the Guyanese-dollar equivalent of $287 million of disposable income into the economy, he said.

"This is how we are promoting prosperity, ownership, distribution of wealth," Ali said. "This is how the resources and revenue of this country are being spent every single day to lift the lives of people, to expand national wealth, coastal wealth, and community wealth."

Guyanese authorities have taken other steps to combat the rising cost of living, the post noted. They've removed more than 200 taxes and fees, including the excise tax on fuel and VAT on water, electricity, and some basic foods. They also gave a one-time, tax-free grant worth about $120 a person to a group that included teachers and public servants last year.

Nicolas Suarez, a senior economist at S&P Global Market Intelligence who covers Latin America, told Business Insider the latest payout will "increase the average household's disposable income, alleviating some budget constraints."

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