Guyana Unveils Cash Grant And Free University Tuition As Part Of Major Economic Boosts

News Americas, New York, NY, Oct. 11, 2024: Guyanese households are set to receive a significant economic boost through several new initiatives announced by Guyana’s President Irfaan Ali, including a cash grant of nearly USD 1,000 and free university tuition starting in 2025.

Speaking at a special session of the National Assembly held at the Arthur Chung Conference Centre in Liliendaal on Thursday, October 10, Ali outlined the government’s plan to support every Guyanese household with a one-time cash grant of GY$200,000 (approximately USD 1,000). This includes tenants and “legitimate households” but excludes foreign nationals.

Ali also announced the return of free university tuition at the University of Guyana beginning in January 2025. This move is aimed at making higher education more accessible to all Guyanese citizens, helping to build a more educated workforce to meet the country’s growing economic demands.

In addition, Ali revealed that by the end of 2025, no public sector worker will earn less than GY$100,000 (USD 480) per month, ensuring wage improvements for thousands of workers. Families with children will also benefit from a GY$10,000 universal health care voucher for every citizen and a USD 50 per child income tax allowance, providing much-needed support to parents.

As part of efforts to enhance the country’s social security framework, Ali announced a GY$10 billion one-time injection into the National Insurance Scheme (NIS) to assist those facing challenges in receiving their entitled benefits.

On the energy front, the president vowed to cut electricity costs by 50% before the end of 2025, addressing a long-standing issue in a country where power outages are frequent.

Highlighting the nation’s digital transformation, Ali noted that Guyana has already emerged as a regional leader in rolling out 5G technology and laying fiber optic cables nationwide. The government also plans to establish a ‘Guyana Digital School’ to integrate artificial intelligence (AI) into the country’s economy, part of a broader push for digital modernization.

These sweeping measures are designed to ensure that every Guyanese citizen benefits from the country’s rapid economic growth, driven largely by the burgeoning oil and gas sector.