Rice is one of Guyana’s key products and Finance Minister Dr. Ashni Singh announced that the government will spend some $300 million to boost production and productivity in this sector.
The Finance Minister is currently presenting the 2023 National Budget at a sitting of the National Assembly held at the Arthur Chung Conference Centre at Liliendaal, Georgetown.
And as he talked about the government’s continued focus on the agricultural sector, he said that the $300 million sum will be spent on improving yields and efforts to control the paddy bug problem.
Further, two new drying floors will be constructed in Regions Three and Five.
The government is also expected to explore new rice varieties and new markets for production.
Defending this allocation, Dr. Singh said rice is a “dominant” contributor to the local economy and a staple in Guyana’s diet.
Earlier in his budget presentation, the Finance Minister said the rice sector recorded an expansion of 8.1 per cent with a total production of 610,595 tonnes.
Because of global challenges, Dr. Singh projects that rice prices will fall by some 0.4 per cent this year.
This National Budget being read by the Finance Minister is the People’s Progressive Party Civic (PPP/C) mid-term budget. It is crafted under the theme ‘“Improving Lives Today, Building Prosperity for Tomorrow.”
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