The General Secretary of the PPP/C, Dr. Bharrat Jagdeo, has highlighted how targeted government policy interventions have alleviated the impact of rising living costs in Guyana.
Drawing parallels with the ongoing Republican Convention in the U.S., Dr. Jagdeo pointed out that the challenge of increasing living costs is a global issue, not unique to Guyana.
Dr. Jagdeo noted that rising costs for essentials such as oil, water, electricity, and mortgages are common across the world, including in the U.S., the largest economy.
However, he emphasized that the Guyanese government has successfully mitigated these pressures through several strategic interventions.
Among these measures, Dr. Jagdeo highlighted a reduction in mortgage rates in Guyana, despite global trends showing increases.
The government has also significantly reduced fuel costs by eliminating a 50 percent excise tax, waiving approximately $80 billion in fuel charges.
The administration has allocated $7 billion in the 2024 budget for further relief measures, following extensive consultations with citizens.
Since 2020, over $200 billion has been injected into the economy through various strategic initiatives aimed at providing relief and promoting economic growth.
Dr. Jagdeo’s remarks underscore the government’s commitment to addressing the cost-of-living crisis through direct and effective policy measures.