Jagdeo says “No” to APNU+AFC $200,000 cash grant

On Thursday, March 24, News Source Guyana reported that the Opposition APNU+AFC Coalition has submitted a motion to the National Assembly calling on the government to make provisions for every Guyanese above the age of 18 to receive a cash grant of $200,000 to cushion the effects of the rising cost of living.

The motion, which could come up for debate when Parliament reconvenes, wants the Government of Guyana to make provisions for every Guyanese above the age of 18-years-old to be paid a quarterly cash grant of $200,000 which will compensate for the increase in the cost of living”. This suggestion has, however, been labeled a “political gimmick” by the installed Vice President Bharrat Jagdeo.  He argues that the proposal is unrealistic and lacks practicality.”

The installed 2nd Vice President questioned the feasibility of such an initiative. Speaking at a press conference last Friday, Jagdeo estimated that this relief measure could cost about US $500 to $600 million, which equates, approximately, to GY $104 to $125 billion. “If you do what they’re suggesting there, we would have to spend every cent of the oil money saved”, he argued.

The Ministry of Finance in a recent report disclosed that Guyana has nearly US $800 million in the Natural Resource Fund (NRF) – the country’s oil wealth fund. This amount is more than enough to cover the US$ 500 million he Jagdeo said would be required to cover the cost per year, so said one leading economist in Guyana.

Since its installation into office in August of 2020, the PPP regime has come under strong criticism for its bad policies and economic mismanagement of Guyana. The party’s failure to effectively contain the disastrous inflation rate and rising unemployment have resulted in major discontent among the Guyanese people.

It was APNU+AFC Shadow Finance Minister Juretha Fernandes who sounded the warning of higher inflation during her Budget 2022 presentation.  She had told the Parliament that Budget 2022 is going to be a $400,000 tax on every citizen of Guyana and will lead to more economic hardship for citizens. These challenges were acknowledged by President Irfaan Ali at a press conference held earlier in the year, where he promised that his Government will do its best in finding solutions to the present economic crisis.

More, In The Ring.