Sunday, August 10, 2008

Parliament approves $4.8B supplementary appropriation

Parliament approves $4.8B supplementary appropriation
Stabroek News. Posted By Staff On August 4, 2008 @ 5:12 am In News | No Comments

Parliament on Thursday approved two financial papers covering Supplementary Appropriation of $4.840 billion to meet government’s expenditure from the Consolidated Fund for the fiscal year ending December 31, 2008.

Among the funding sought and approved were sums of $3.5 billion to facilitate meeting costs related to higher fuel prices which Prime Minister Samuel Hinds explained was for the Guyana Power and Light (GPL) to subsidise consumer needs in the face of increasing fuel costs internationally.

Initially the sum of $67 million was voted for in the national budget. This was followed by the sum of $200 million being needed subsequently to meet additional costs. Hinds said that the sum of $3.5 billion was expected to cover the fuel needs for the rest of the year. Alternatively, an increase in the cost of fuel for consumers was the alternative.

Also approved were $11.7 million to rehabilitate the area of the Ministry of Culture, Youth and Sport which was damaged by fire as well as replace items damaged; $35.6 million for the construction of a building to house the Colonel Pilgrim Officers Training School at Camp Ayanganna; and $255.3 million for rehabilitation works on the GDFS Essequibo and the purchase of vehicles and other equipment.

The sum of $145.3 million was approved as subsidies to the National Milling Company to meet costs associated with cash transfers for bakeries.

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