Guyana tables historic $1.558T budget with cash grants and tax relief

• The Irfaan Ali administration presented a record G$1.558T National Budget for 2026, representing a 12.7% year-on-year increase, with no new taxes, aimed at providing direct financial support to citizens, expanding social services, and supporting economic activity.
• The budget includes a G$100,000 National Cash Grant for every Guyanese aged 18 and over, expected to cost approximately G$60.0Bn, alongside expanded support for school-aged children through a combined G$85,000 in grants per child, impacting roughly 206,000 students and amounting to G$17.5Bn in transfers.
• Education measures also include continued government funding for up to eight CSEC and CAPE subjects per child, benefiting nearly 14,000 students, and the introduction of a G$20,000 annual transportation grant per student.
• Old Age Pensions will rise from G$41,000 to G$46,000 per month, benefiting around 95,000 pensioners, while Public Assistance payments will increase from G$22,000 to G$25,000 per month, supported by additional allocations for transportation assistance and social care infrastructure.
• Worker stipends under programmes including Pathway Workers, Community Enhancement Workers, Community Service Officers, and Community Policing Groups will increase from G$40,000 to G$50,000 per month, amounting to an estimated G$14.0Bn in additional annual spending.
• Tax and cost-of-living measures include raising the income tax threshold to G$140,000 per month, eliminating net property taxes on individuals, removing corporate taxes on agriculture and agro-processing, expanding VAT and duty exemptions across selected goods and vehicles, and setting aside G$9.0Bn to offset rising living costs.

(Source: Caribbean National Weekly)