PPP General Secretary Dr. Bharrat Jagdeo addressed concerns about the increasing cost of living in Guyana during a press conference.
Dr. Jagdeo highlighted that the global phenomenon of inflation is affecting countries worldwide, emphasizing that Guyana is not alone in facing these challenges.
However, he pointed out that the measures taken by the Guyanese government have played a significant role in keeping the cost of living relatively lower compared to many other countries.
These claims are supported by international reports from reputable institutions such as the Inter-American Development Bank (IDB), the International Monetary Fund (IMF), and the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
Dr. Jagdeo acknowledged the government’s efforts to keep the cost of living low, including the removal and reduction of taxes and changes in the taxation basis.
He explained that altering the tax basis helped absorb the increased cost of freight, a major contributor to rising prices.
In addition to tax adjustments, the government implemented measures such as job creation, hosting job markets, reducing fertilizer taxes, and distributing fertilizer to farmers.
The press conference aimed to provide insights into the government’s actions and strategies to alleviate the economic challenges associated with the increasing cost of living in Guyana.