The Private Sector Commission (PSC) has conducted a preliminary review of the 2009 Budget. That is according to a statement released by the body which reveals that it is the view of the Commission that the Budget is clearly intended to consolidate and secure the country’s economy at a time of an unprecedented global financial crisis from which Guyana is not immune. The Budget, the Commission believes, has set some desirable benchmarks for the economy to achieve.The PSC states that it accepts that the Minister of Finance has opted, at this time, for a conservative Budget intended to address the significant financial deficit, and it also recognizes that in order to cope with the threat of runaway inflation, the government committed to extensive expenditure on the construction of schools and medical facilities and on other essential social services as well as subsidizing the cost of fuel, water, electricity and flour and other critical goods and services and all of which may have contributed to the deficit.The PSC says it believes that the framework has already been put in place which provides the opportunity for ongoing consultation and cooperation through the means of the National Competitiveness Council and other development strategy agencies in which civil society is able to actively play a constructive and meaningful role.The body also holds the view that for the country to confront the economic threat which is looming, it is essential that the Government, Opposition and Civil Society must work together within this framework to meet the challenge.The Commission urged the government to recognize that, in the current and prevailing world economic crisis, Guyana’s main product exports, such as sugar, bauxite, timber, gold, agricultural and other natural resources are likely to be under threat. The need to budget for further diversification and investment into agriculture, energy, manufacturing and tourism was thus emphasized.The PSC noted that it strongly believes that even as the Budget debate is taking place in Parliament, consideration must be given to addressing the need for a stimulus package directed at those sectors of the economy which can readily create employment and which are the most vulnerable.The Commission said that it looks forward to consultations with government on the report on tax reform which is currently before the government submitted through the Millennium Challenge Corporation, which should ensure Guyana’s competitiveness regionally and internationally. The Commission also called on government to pay attention to the continuing need for public sector reform to increase the efficiency and reduce the red tape and operational cost of public administration and governance.The PSC stressed that it would be making the strongest possible representation to the Minister of Finance for the need to protect and support the competitive development of the country’s tourism sector,NFL Jerseys Cheap, while the government was lauded for having recognized the need for similar support to the wood value added sector by removing the 2% export commission.In concluding, the Commission noted that while the government’s positive budget projections for growth are commendable, the vital importance which the sugar industry plays in the achievement of these projections and the economic growth of the country cannot be overemphasized. The body said it would be seeking an early meeting with the Minister to discuss the situation in the sugar industry.
