SPEECH HIGHLIGHTS

1999 Facts

  • Growth of the economy by 3.0% following largest ever sugar output since 1978

  • Narrowing of trade deficit to US$25.2M from $US$54.2M

  • Overall balance of payments strengthened from a deficit of US$22.7M to US$4.4M

  • Monetary base declined by 4% compared with an 11.8% growth in 1998

  • Gross international reserves fell short of target by $US20M

Measures - 2000

  • Increased allocation for rehabilitation & maintenance, operations and human resources development of the health sector

  • $1.3B increase to $9.3B to provide teaching materials and supplies, equipment, furniture, etc. & undertake critical maintenance works in education sector

  • 13 new primary schools, 13 new nursery schools to be constructed. 42 schools to be upgraded

  • Three major integrated water systems to be completed and operationalised

  • Dilapidated sewage disposal system to be refurbished/replaced

  • Over 20,000 more house lots identified for distribution

  • In excess of $1.3B allocated for drainage and irrigation

  • Modernisation of Cheddi Jagan International Airport to continue

  • Fleet of ferry vessels and stellings to be rehabilitated

  • A number of roads and highways have been identified to be rehabilitated or resurfaced

Three major integrated water systems to be completed and operationalised

Financial Targets - 2000

  • Inflation - 9.5%
  • Decline in current account deficit of the balance of payments by 26.7% to US$95M
  • $38.3Bn or 4.6% increase in current revenues
  • Allocation of $62.2Bn for total expenditure, an increase of 22% over 1999
  • Increase of 25.4% in current expenditure over 1999 or $42.8Bn.
  • Overall deficit after grants of $9.7Bn or 7.1% of GDP
  • Overall surplus of $745M of the public enterprises and the NIS
  • Overall deficit after grants of the non-financial public sector equal to 6.6% of GDP