GEORGETOWN, Guyana, Feb 9 (NNN-CNN) – Guyana’s Finance Minister, Ashni Singh presented a $142.8 billion 2010-2011 national budget that will see increased emphasis on economic expansion, social sectors and infrastructure.

Singh in his presentation to the National Assembly said this year?s budget will build on the gains over the past years as the administration works to move Guyana forward.

He also reflected on the performance of the local economy last year which saw an overall growth of 12.3 percent.

Presented under the theme: ?Consolidate, Transform, Sustain?, this year?s budget is the largest ever in Guyana?s history and will see marked growth in almost every sector.

The overall real growth in gross domestic product (GDP) is projected at 4.4 percent, with non-sugar economy projected to grow by 3.4 percent? Singh said.

The minister said growth is expected in almost every sector, with the troubled sugar sector set to see production hitting 280,000 tonnes, 19.8 percent above last year.

He noted that in agriculture, despite some sectors not poised to reach the maximum, satisfactory growth is expected, with mining, and services also set to grow.

The minister added that the monetary policy will continue to be aimed at maintaining stable prices and a responsive exchange rate, ?While fostering private sector growth with inflation rate i targeted at 4 percent, in anticipation of some continuation in the recovery of commodity prices,”

Exports are also anticipated to grow significantly, while revenue collection is set to top US$94.1 billion this year.

?Total expenditure is projected at US$135.9 billion, an increase of 6.6 per cent over the 2009 level. Of this, current expenditure is projected to grow by 8 percent to US$86.9 billion, while capital expenditure is projected to increase by 4.2 percent to US$48.9 billion.? Singh said.

The finance minister added that government will continue its legislative agenda, with enactments ranging from strengthening the financial sector such by fighting money laundering on the one hand; to safeguarding society?s most vulnerable, including children.

The budget is also places emphasis on information and communication technology, the low carbon development strategy transforming the economy and tourism. –NNN-CNN

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