In a significant address to the Guyana Manufacturing and Services Association’s annual awards ceremony, Finance Minister Dr. Ashni Singh articulated the government’s steadfast commitment to prioritizing long-term economic objectives over short-term populist measures. The minister revealed that Guyana’s Natural Resources Fund now holds surplus capital exceeding the nation’s entire external debt, creating a rare fiscal position among global economies.
Dr. Singh detailed a strategic reorientation of national budgets away from government consumption toward substantial investments in economic infrastructure. This shift has dramatically transformed the composition of public spending: while public investment constituted less than 25% of the total budget in 2019, it has now surpassed 50% as of 2024. The minister characterized this transformation as a series of ‘hard choices’ necessary to ensure long-term competitiveness and prosperity, even when such decisions lack immediate popular appeal.
The address came amid mounting public anticipation regarding potential universal cash grants, following campaign hints from President Irfaan Ali and reassurances from Vice President Bharrat Jagdeo. Opposition parties have intensified calls for the administration to fulfill these apparent electoral promises.
Dr. Singh firmly rejected any approach that would compromise long-term economic health for short-term gains, emphasizing the government’s balanced strategy of prudent debt management and fiscal sustainability. Despite declining oil prices—with 2025 crude projections at $68 per barrel, below the initial $71.9 forecast—the minister declined to specify whether expenditure cuts would feature in the 2026 budget.
Highlighting Guyana’s remarkable economic turnaround, Dr. Singh noted the debt-to-GDP ratio has plummeted from over 600% in 1990 to 24.3% in 2024, positioning Guyana among the world’s least indebted nations. Official figures confirm the Natural Resources Fund holds approximately US$3.64 billion, surpassing the projected 2025 external debt of US$3.77 billion—a rare achievement that enables simultaneous accelerated public investment and substantial sovereign savings.