The Private Sector Commission (PSC) has expressed its appreciation for Budget 2024, commending the government for its commitment to sustainable and people-centered economic transformation.
PSC Chairman, Komal Singh, highlighted the positive measures announced in the budget, particularly addressing the challenges faced by small and medium-sized enterprises (SMEs) in accessing finance.
Budget 2024 allocates $450 million for the replenishment of the Small Business Development Fund and $331 million to the Small Business Bureau.
According to Singh, this financial support will significantly contribute to the development of small and micro-businesses, fostering entrepreneurship and economic growth.
Singh acknowledged the government’s decision to raise the income tax threshold to $100,000, resulting in approximately 13,000 employees from the private and public sectors being exempted from paying income tax.
This move is expected to provide relief to a considerable number of workers and stimulate economic activity.
In addition, the budget outlines plans to disburse 100 loans, issue 1,362 grants, and engage 2,800 business owners in training programs.
These initiatives aim to empower entrepreneurs, enhance business capabilities, and promote economic inclusivity.
The Private Sector Commission views these measures as commendable and believes they align with the broader goal of achieving sustainable economic development in Guyana.
The emphasis on supporting SMEs reflects a commitment to fostering a resilient and dynamic private sector that can drive economic progress.