GEORGETOWN, GUYANA– The People’s Progressive Party/Civic (PPP/C) government is implementing massive economic interventions to ensure Guyanese enjoy higher living standards while generating wealth for future generations.
Speaking with residents of several communities in Region Five, the Minister of Foreign Affairs and International Cooperation Hugh Todd said the government wants future generations to benefit from the economic transformation the country is experiencing.
With this in mind, the administration is creating policy, economic, and physical spaces for citizens and their descendants.
“The wealth is generated by you the people…that wealth is what we want to be intergenerational so that you can hand over to your kids, your kids, kids and we can have that intergenerational equity that is built up, that will last.”
Wealth acquired by an older generation is often passed on to the younger generation through intergenerational transfers. These assets include businesses, properties, commodities, and other financial securities, all of which can play an important role economically and socially.
In its first term in office, the government plans to distribute at least 50,000 house lots to Guyanese in order to create wealth for future generations. Currently, over 10,000 lots have been distributed across the country.
Additionally, the Government has opened avenues for Guyanese to successfully start small businesses through the Small Business Bureau’s (SBB) Small Business Development Fund; providing another opportunity for economic prosperity. In the past two years, hundreds of millions of dollars have already been disbursed.
In recognition of the importance of home ownership, the government has increased the ceiling for mortgage loans from $12 million to $15 million in order to make homeownership more accessible to Guyanese.
Within Region Five specifically, His Excellency, Dr. Mohamed Irfaan Ali recently introduced the black belly sheep project, which involves distributing 1,000 breeding sheep to farmers.
Additional 1,000 sheep will later be imported. According to the government, the project will target at least 20 percent of women and 35 percent of youth.
Minister Todd pointed out that the government consistently implements initiatives to govern the country and that a primary focus is placed on every citizen.
“So, while we focus on the economic side ensuring that we can create wealth that is intergenerational, we are also looking at development across the board because now that we have a lot of financial windfalls that we will get from oil and soon to be gas, we still have to ensure that we can cater for each and everyone,” minister Todd said.