Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698074542538.pdf (Guyana)
COOPERATIVE REPUBLIC OF GUYANA SESSIONAL PAPER NO.

2 OF 2015 ELEVENTH PARLIAMENT OF THE COOPERATIVE REPUBLIC OF GUYANA UNDER THE CONSTITUTION OF GUYANA FIRST SESSION 2015 MID-YEAR REPORT Honourable Winston DaCosta Jordan, M.P.

Minister of Finance October 9, 2015 TABLE OF CONTENTS ______________________________________________________________________________ 1 1.

Introduction 2.

Global Economic Development 3.

Domestic Development A.

Real Sector B.


External Sector C. Monetary and Price Developments D. Fiscal Sector E. Debt Management F. Key Sector Highlights 4.

Fiscal Risks and Proposed Policy Responses 5.
Conclusion Appendices A1 GDP Growth Rates by Sector A2 Sector Share of GDP B1 Balance of Payments Analytical Summary C1 Monetary Survey D1 Consumer Price Index E1 Central Government Financial Operations E2 Financial Operations of the Non-Financial Public Sector E3 Public Enterprise Cash Flow E4 Central Government Abstract of Non-Interest Current Expenditure by Chart of Account E5 Non-Interest Current Expenditure by Agency E6 Non-Interest Current Expenditure by Sector E7 Central Government Summary of Capital Expenditure by Sector and Type of Financing E8 Details of Expenditure: General Summary by Programme E9 Central Government Abstract of Revenue by Head E10 Central Government Tax Remissions by Category F1 External Debt Stock Summary G1 Expenditure of Key Sectors 3 5 5 9 11 13 16 18 27 30 31 32 33 34 35 36 37 38 39 41 43 45 47 53 54 55 56 Mid-Year Report 2015 1.
Introduction 1.1 This report is prepared pursuant to Section 67 of the Fiscal Management and Accountability Act (FMAA) 2003 that prescribes that a Mid-Year report shall be produced in a manner and format prescribed as follows: " A Mid-Year Report shall include - (a) an update on the current macroeconomic and fiscal situation, a revised economic outlook for the remainder of the fiscal year, and a statement of the projected impact that these trends are likely to have on the annual budget for the current fiscal year: (b) a comparison report on the out-turned current and capital expenditures and revenues with the estimates originally approved by the National Assembly with explanations of any significant variances; and (c) a list of major fiscal risks for the remainder of the fiscal year, together with likely policy responses that the Government proposes to take to meet the expected circumstances."
1.2 Budget 2015, A Fresh Approach to the Good Life in a Green Economy was presented in Parliament on August 10 as a result of elections being announced in early 2015 and held in May 2015 and pursuant to Article 219 (3) of the Constitution.
The related tables contained in this Mid-Year 2015 Report will therefore reflect the Budget 2015 estimates in the revised economic outlook for 2015 since the assumptions made to inform the end of year projections passed by the National Assembly on the 27th August 2015 remain the same at the time of preparing this report.

1.3 The current macroeconomic data as at mid September has now benefitted from actual performance data resulting in half year real GDP being revised to 0.7 percent.
Budget 2015 highlighted the fact that economic growth had slowed since 2014.

The proroguing of Parliament in late 2014, the uncertainty that usually surrounds the electoral period and a budget being presented in the second half of the year, together have led to a slowdown in public sector spending and some hesitancy in private sector investments.

Notwithstanding, we remain sanguine that the end of year projection will be achieved.
1.4 The out-turned expenditures and revenues compared to the approved Estimates as required by the FMAA 2003 envisioned the passage of the national budget no later than April of each budget year.

In the case of the Mid-Year 2015 Report the entire period was limited to one- twelfth of the expenditure of the previous year.

Several initiatives highlighted in Budget 2015 are 1 Mid-Year Report 2015 being pursued.

Among these is the improvement in the performance of the public sector.
The Government is currently improving public service systems and public infrastructure across all ten regions of Guyana in order to enhance the delivery of public services and facilitate economic growth during the second half of 2015.

1.5 The major fiscal risks to the economy are driven by both external and domestic factors.

On the external side areas of concern include falling global commodity prices, especially for bauxite and gold, as well as disappearing preferential markets for sugar and rice.
Further the uncertainty of the Petrocaribe arrangement presents an additional challenge to the balance of payments.

On the domestic side the absence of seeking more diversified markets for key commodities and poor performance of the key public enterprises have already resulted in substantial cash transfers and coupled with lower-than-expected compliance in tax revenues can adversely impact the fiscal accounts.
Actioned and proposed policy responses by the Government as outlined in Section 4 of this report are expected to offset any immediate negative impacts to the economy in 2015 and redound to the achievement of Budget 2015 targets and an improved quality of life for all Guyanese.

2 Mid-Year Report 2015 2.

Global Economic Development 2.1 Guyana's economy remains vulnerable to developments in the global arena, both intra and intercontinental.
The global economy is expected to grow by 3.3 percent in 2015 with advanced economies improving as a result of: lower oil prices, more moderate fiscal adjustments and continued support from monetary policy.

On the other hand, emerging and developing countries are projected to grow at a lower rate when compared to 2014, primarily as a result of weak growth in international trade along with the risks posed by lower commodity prices.
Nevertheless, growth in emerging and developing economies is expected to remain above that in advanced economies.

2.2 World commodity prices continued their downward trend in the first half of 2015 with oil price being considerably lower in comparison to 2014.

In the first half of 2014, the world market price for oil was above US$100 per barrel, reaching as high as US$108.37 per barrel in June 2014.
However, when compared to the same period in 2015, oil prices ranged between US$47 and US$64 per barrel, reaching US$61.30 per barrel in June, 2015.

These low prices resulted from weaker than expected global activity and demand, combined with greater supplies.

The world market price for gold continued to decline in 2015, reaching US$1,182 per ounce in June 2015, compared to US$1,279 in June 2014.
Similarly, the price of aluminium which stood at US$1,839 per tonne in June 2014, fell to US$1,690 per tonne in June 2015.

Both rice and sugar prices were also lower in the first half of 2015 when compared to 2014 with rice prices declining by 10.7 percent and sugar prices by 33.6 percent.

2.3 Latin America and the Caribbean are expected to expand marginally by 0.5 percent in 2015, down from its 2014 level of 1.3 percent.
This reduction in growth is as a result of lower oil prices, combined with low business and consumer confidence in Brazil and the economic crisis in Venezuela.

Venezuela and Brazil's economies are expected to contract in 2015, resulting in an overall contraction in the South American1 countries' economies by 0.4 percent.
1 Guyana is included in the South American Countries 3 Mid-Year Report 2015 This is in contrast to the Caribbean and Central American2 countries which are expected to achieve economic growth of 1.7 percent and 2.8 percent, respectively.

2 Includes Mexico 4 Mid-Year Report 2015 3.

Domestic Development A.

Real Sector 3.1 At the time of preparation of Budget 2015 preliminary estimates indicated half year growth rate of 0.9 percent.
With the passage of time and the benefit of actual first half performance in a number of sectors, real GDP recorded growth of 0.7 percent in the first half of 2015, with non-sugar GDP recording a 8.0 6.0 4.0 2.0 0.0 t n e c r e P Mid-Year Economic Growth HY - 2010 HY - 2011 HY - 2012 HY - 2013 HY - 2014 HY - 2015 growth rate of 0.8 percent.
The delay in the presentation and passing of the National Budget due to Parliament being prorogued in November of 2014, its dissolution in 2015 and elections being held in May, 2015 contributed to the lower mid-year economic growth compared with similar periods in previous years.

This delay meant that many government agencies were unable to carry out their planned programmes for the year.
Many new projects were held in abeyance while only a few projects which were "rolled over" from the previous year attracted funding.

At the same time, the atmosphere of uncertainty and tensions surrounding the holding of general elections, led to investors postponing decisions in many cases.
However, with the installation of a new government and the passage of the National Budget growth is expected to surge in the second half of 2015 and is projected to reach 3.4 percent, as a result of the measures outlined in Budget 2015.

3.2 Sugar production grew encouragingly by 1.6 percent in 2015, to reach 81,271 tonnes.

On the evidence of the first half performance, the whole year projection of 219,913 is being maintained.
Even though the s e n n o T industry has projected a more buoyant 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 5 Sugar and Rice Production HY 2010 HY 2011 HY 2012 HY 2013 HY 2014 HY 2015 Sugar Rice Mid-Year Report 2015 outcome of 227,400 tonnes for 2015 the lower estimate has been used given past experiences.
This slight increase of 1.7 percent in 2015 production will result from expected better weather conditions, facilitating increased harvesting of canes, coupled with the ongoing efforts to resuscitate GuySuCo including a $12 billion injection by Government.

Notwithstanding this performance, the industry's average cost of production remains excessively high.

The report from the Commission on Inquiry (COI) which is expected in October, 2015 will be a critical input in determining the future of the industry.
3.3 The rice industry continued to record exceptional growth.

Production in the first half of 2015 was 359,960 tonnes, 15.3 percent over last year's record high first-half production of 312,283 tonnes.

In light of that performance, the end of year output and growth projections have been revised upwards to 703,462 tonnes, equivalent to 10.7 percent over the 2014 record production level.
It is lamentable that the phenomenal growth in the production of rice is unmatched by the growth in the diversification of the export market as well as the absence of value added products.

The Government has provided generous support to the rice industry, with $9 billion being transferred to the Guyana Rice Development Board by June 2015.

The loss of the Venezuelan market under the Petrocaribe Rice Trade Agreement has heightened uncertainty within the industry, with pressure mounting to find new markets.
The Government is committed to assisting the farmers to find alternative markets and will support private sector initiatives to secure the future of the industry.

3.4 Production of the other crops subsector rose by 5 percent over the half year output for 2014.

This was as a result of the ongoing support to the subsector.

The subsector is projected to grow by 2.0 percent in 2015.
3.5 The livestock industry grew by 15 percent in the first half of 2015, compared to the same period in 2014, as a result of growth in poultry, egg, mutton and milk production.

The sector is projected to grow by 8.9 percent for this year, with poultry and egg production continuing to be the main drivers of this growth.

3.6 The fisheries sector continued its downward spiral in the first half of 2015, contracting by 11.6 percent.
This persistent contraction in the industry has been the result of overfishing and possible under-declaration, combined with smaller fleets, lower harvesting in aquaculture, piracy 6 Mid-Year Report 2015 and occurrence of sargassum seaweed.

Performance is projected to improve in the second half of 2015, due to the reduction in the occurrence of sargassum seaweed, greater enforcement of fishing regulations and anti-piracy efforts.
As such the industry is expected to decline by 1.9 percent compared to 2014 decline of 26.7 percent.

3.7 The forestry sector contracted by 9.8 percent in the first half of 2015 compared to the same period in 2014.

This was due partially to unusual May/June rains which created conditions that were not conducive to harvesting.

In addition, the average price per cubic metre for Wamara logs, a major forestry commodity, fell from US$196.92 in 2014 to US$176.25 in 2015.
Improved weather is anticipated in the second half of the year and with all annual approvals secured in the first half, growth is projected to improve significantly with the end of year performance projected to deliver 2.2 percent growth.

3.8 The mining and quarrying sector declined by 17.4 percent in the first half of 2015, compared to the first half of 2014.
This reflected a fall in gold, bauxite, and stone production by 16.2 percent, 18.6 percent and 54 n o i l l i B $ 20 15 10 5 0 Mining and Quarrying Sector 's Contribution to Constant GDP HY - 2010 HY - 2011 HY - 2012 HY - 2013 HY - 2014 HY - 2015 Bauxite Gold Other percent respectively.

This sector has been contracting since 2013, largely as a result of declining commodity prices for both gold and bauxite, the two major industries in this sub-sector.
3.9 Gold prices continued to fall in the first half of 2015, reaching a five year low.

This combined with extensive smuggling of gold, estimated to be as much as 15,000 ounces per week, led to a sharp drop in declarations.
However, going forward the full operationalisation of the Aurora Gold Mine, together with the incentives announced in the Budget 2015 and tighter monitoring of and enforcement within the industry is anticipated to help gold declarations improve to 390,000 ounces at the end of 2015 compared to 387,508 ounces in 2014.
3.10 The bauxite industry also experienced declining international prices, which contributed to the 18.6 percent decline in production in the first half of 2015 compared to the same period last year.

Production in the bauxite industry is expected to increase to 1,635,081 tonnes compared to 7 Mid-Year Report 2015 1,563,563 tonnes in 2014, an increase of 4.6 percent as a result of a new more efficient mine coming on stream.
The decline in the production of stone in the first half of 2015 compared to the same period in 2014 was as a result of a reduction in construction activities.

Despite the contraction of the other mining and quarrying industry, in the first half of 2015, output is expected to grow by 5.8 percent this year due to expansion in quarrying production in the second half of the year.
This is as a result of an expected increase in construction, occasioned by the accelerated implementation of the public sector investment programme (PSIP) and increased investment by the private sector.

3.11 In the first half of 2015, manufacturing output increased by 7.1 percent, driven by a 15.3 percent increase in rice milling as a result of the bumper first crop.

Sugar and ‘other manufacturing’ increased by 1.6 percent and 2.7 percent, respectively.
In particular, increases in the pharmaceutical industry combined with increases in the production of rum, stout and beer, aerated drinks, juices and cereals were responsible for driving other manufacturing.

Going forward, rice milling is anticipated to increase in the second half of the year, as efforts are being intensified to secure new markets.

The manufacturing sector is expected to grow by 0.7 percent in 2015, compared to 2014.
3.12 The services sector continued to expand in the first half of 2015, compared to the same period in 2014, growing by 2.5 percent.

This was due to expansion in all of its subsectors, except construction, which declined by 13.2 percent.
Significant growth occurred in transport and storage, Services Contribution to Real GDP 30.0 25.0 20.0 15.0 10.0 5.0 0.0 n o i l l i B $ G HY - 2010 HY - 2011 HY - 2012 HY - 2013 HY - 2014 HY - 2015 Electricity and Water Wholesale and Retail Trade Information and Communication Public Administration Health and Social Services Other Service Activities Construction Transportation and Storage Financial and Insurance Activities Education Real Estate Activities financial and insurance and information and communication subsectors, recording 12 percent, 6.7 percent and 6 percent respectively.
The transport and storage subsector experienced growth as a result of increased air travel while increased advertising during the elections resulted in increased growth in the information and communications subsector.

The services sector is 8 Mid-Year Report 2015 projected to grow by 3.6 percent in 2015, driven by continued expansion in the transport and storage, finance and insurance and information and communication subsectors.
3.13 Overall, given the stimulus created from Budget 2015 spending, the projected performance in the sectors, and the positive response of the private sector in terms of outlook, investment and consumer spending the growth target for the economy of 3.4 percent can be achieved.

B.
B.

External Sector 3.14 The overall balance of payments deficit improved by US$34.9 million, reducing from US$93 million, in the first half of 2014, to US$58.1 million in the first half of 2015, driven by lower oil prices which served as an expected counterfoil to weak commodity export prices for gold and bauxite especially.

3.15 Total exports increased to US$536.1 million, year on year.
Rice exports increased to US$125.7 million, a growth of 31.4 percent over the same period in 2014 largely reflecting rice shipment to the Venezuelan market.

This significant increase in export earnings of rice was mainly the result of a 48.9 percent increase in the quantity exported.

Timber exports expanded by 10.4 percent reaching US$23.5 million.

This was due to an increase in the export of processed timber from jungle stock.
Other exports including re-exports earned US$115.0 million, an increase of 28.2 percent, as a result of increased export values for fish and shrimp, wood products, re-exports, diamonds, pharmaceuticals, mollasses and "other."

On the other hand, sugar exports totalled US$30.4 million, in the first half of 2015, a reduction of 11.8 percent compared to the same period in 2014.

This was as a result of a fall in sugar prices which more than offset the increase of 10.5 percent in the quantity exported.
Export earnings from bauxite totalled US$53.3 million in the first half of 2015, a decline of 20.4 percent, compared to the same period in 2014.

This reflected an 18.9 percent decline in export volume as well as lower export prices.

Similarly, in gold export earnings, which totaled US$188.3 million, in the first 9 Mid-Year Report 2015 half of 2015, there was a 16.9 percent contraction year on year.
The average price received by gold miners fell from US$1,243 per ounce in 2014 to US$1,164 per ounce in 2015.

These prices were generally lower than the world market prices.

3.16 Merchandise imports fell by 8.8 percent to US$772.8 million in the first half of 2015 year on year, principally reflecting a contraction in imports of intermediate goods by 18.7percent to US$393.7 million.

Importantly, imports of fuel and lubricants declined by 34 percent, largely due to lower oil prices.
On the other hand, imports of capital goods increased by 8.6 percent to US$186.7 million while imports of consumer goods increased by less than 1 percent to US$188.4 million.

3.17 Net current transfers declined by 7.5 percent to US$198.2 million in the first half of 2015 year on year, mainly due to a reduction in remittances.

Similarly, net payment of services reduced by 28.9 percent to US$82.7 million year on year.
Of that total, US$2.7 million represented outflow of factor services and US$80.0 million represented outflow of non-factor services.

These developments had a positive impact on the effect of reducing the current account deficit which reduced to US$121.2 million in the first half of 2015, from US$214.6 million in the first half of 2014.
3.18 On the other hand, the capital account surplus reduced from US$80.7 million in the first half of 2014 to US$20.5 million in the first half of 2015 as a result of a reduction in net medium and long term capital.

Net medium and long term capital fell by 39.7 percent to US$64 million, primarily on account of the delayed implementation of the PSIP.

Gross international reserves remained steady during the first half of 2015.
3.19 Going forward, the balance of payment is expected to continue to benefit from low oil prices, which will continue to have a positive effect, in spite of the country having to secure oil in an alternative market as a result of the uncertainty surrounding oil supplies from the Venezuelan market under the Petrocaribe arrangement.
10 Mid-Year Report 2015 C. Monetary and Price Developments 3.20 The monetary sector remained sound in the first half of 2015, with broad money increasing by 4.9 percent, totalling $328.4 billion, in June 2015.
This increase was mostly driven by an 11.3 percent expansion in currency in circulation combined with a 10.6 n o i l l i B $ 350 300 250 200 150 100 50 0 Broad Money and Its Components HY - 2010 HY - 2011 HY - 2012 HY - 2013 HY - 2014 HY - 2015 Broad Money Demand Deposits Currency in Circulation Savings and Time Deposits percent increase in demand deposits.

These increases resulted in currency in circulation reaching $67.5 billion while demand deposits totalled $55.6 billion, as at June 2015.
Quasi-money, that is, savings and time deposits, increased by 2 percent from $202.3 billion in the first half of 2014 to $205.4 billion in the first half of 2015 That was an important development as it reflected the private sector ‘taking up the slack’ created by the compression in spending by Government during the first half of the year.

In the absence of a budget for 2015 most Budget Agencies were restricted to one-twelfth of the previous year’s expenditure in the first half of 2015.
3.21 Despite this injection of liquidity into the economy, Guyana experienced deflation of 0.18 percent with the Consumer Price Index (CPI) decreasing marginally from 112.1 half-year 2014, to 111.9, half-year 2015.
This movement could be t n e c r e P 16 14 12 10 8 6 4 2 - (2) Half Year Inflation Rates HY - 2010 HY - 2011 HY - 2012 HY - 2013 HY - 2014 HY - 2015 Overall Inflation Housing Miscellaneous Food Transport and Communication separated into two components, the first being a decline of the Index by 2.8 percent in the month of January and a marginal increase in the Index each month thereafter of 0.2 percent.

One of the main forces behind low inflation and the recent deflation has been the decrease in oil prices.
Globally, there has been a persistent decline in the price of fuel.

Prices are expected to remain fairly stable for the remainder of the year.

This achievement would be aided by the removal of 11 Mid-Year Report 2015 VAT on a range of food and other items and the reduction in local prices for gasoline and dieseline.

3.22 Net domestic credit rose by 11.5 percent from $141.9 billion, half-year 2014, to $158 billion, half-year 2015.
This was mainly due to a rise in credit to the private sector by 7.7 percentage points combined with a significant rise in central government credit of 97.3 250 200 n o i l l i B $ G 150 100 50 0 Credit to Public, Private Sectors and Rest of the Financial System HY - 2010 HY - 2011 HY - 2012 HY - 2013 HY - 2014 HY - 2015 Private Sector Public Sector Rest of Financial System percent.
Credit growth to the private sector resulted from an increase in real estate and mortgage loans by 14.4 percent mainly due to an increase in land sale and prices.

Construction and engineering increased by 14.6 percent reflecting higher prices while other services increased by 19.9 percent and other manufacturing increased by 8.5 percent.

However, credit to the agricultural and mining and quarrying sectors declined by 6.6 percent and 5.8 percent, respectively.
3.23 Commercial banks small savings rate remained low, increasing from 1.25 percent to 1.26 percent while the prime lending rate remained stable at 12.83 percent.

This relatively low prime lending rate is reflective of the all time low global interest rates and serves to induce private sector locally.

3.24 The exchange rate remained stable throughout the half year.
As at June 2015, the Guyana Dollar was being traded against the US Dollar at $206.50, the same rate as the previous year, indicating an appreciation of the Guyanese dollar in real terms.

The rate is projected to remain stable for the rest of the year.

3.25 Wages remained the same in the first half of 2015 as they were at end of period 2014.

During the second half, there were new developments in wages that were announced in the Budget 2015.
Persons who were paid below $50,000 were brought up to $50,000 while those persons earning $43,000 to $50,000 and above were paid 5 percent plus $5,000.

These increases 12 Mid-Year Report 2015 were retroactive to July 1, 2015.

Thousands of public servants stand to benefit from these increases ranging from 26.4 percent at the lower end to in excess of 5 percent at the top end of the scale.
D. Fiscal Sector 3.26 The surplus after grants for the non-financial public sector increased significantly, reaching $17.9 billion, in the first half of 2015, compared to $1.7 billion for the same period last year, largely on account of better revenue collection and a compression of government expenditure.
3.27 In the first half of 2015, Central Government's current revenue, net of inflows from Guyana REDD + Investment Fund (GRIF) reached $78.3 billion, an increase of 6.1 percent over the same period in 2014.

Tax revenue collections also increased by a similar percentage, reaching $70.9 billion, compared to $66.8 billion in 2014.

Tax revenue collections remained significant, representing 90.5 percent of total revenue collected.
Notably, total tax remissions for January to June 2015 were $26.4 billion, some 37.2 percent of tax collections.

Compared to the same period in the previous year where tax remissions were $28.2 billion the result is an overall decrease of $1.8 billion.
The reduction was in the categories of companies/ businesses by $1.6 billion, ministries or government departments by $351.2 million, diplomats by $222.4 million, remigrants by $230.2 million, public officials/ officers by $62.7 million and hospitals by $56.2 million.

However, this was offset by increase in remissions granted to churches/charitable organisations for $604.6 million and foreign funded projects for $113.5 million.
3.28 Internal revenue collection increased by 4.6 percent, reaching $31.6 billion in the first half of 2015, compared to $30.2 billion, in the same period in 2014.
This increase was primarily attributed to increased collections from personal income tax, via the Pay As You s n o i l l i B $ 40 30 20 10 0 13 Major Tax Revenue Categories HY - 2010 HY - 2011 VAT and Excise HY - 2013 HY - 2012 Internal Revenue HY - 2014 HY - 2015 Customs Mid-Year Report 2015 Earn (PAYE) category, of $1.1 billion, largely as a result of salary increases granted in December 2014.
In addition, several major companies increased their payments in the first half of 2015 relative to the first half of 2014.

Net property tax on private sector companies increased by $494.4 million, largely due to arrears payments received in 2015 for the period 1983-2014.

However, corporation tax collections from the private sector companies declined by $434 million due to advance payments made in 2014.

Withholding tax declined by $335.8 million as a result of a contraction in the gold mining industry.
Tax collections from self employed persons increased by $108.2 million due to an increase in the number and income of self employed persons.

This category of taxpayers rose from 7,936 at end June 2014 to 8,128 at end June 2015.

3.29 Customs and trade tax collections remained stable at $5.9 billion, in the first half of 2015.

Value added and excise taxes increased by 8.7 percent, reaching $33.3 billion in the first half of 2015.

Excise tax collections totalled $15.2 billion, an increase of $2.9 billion.
This resulted from a $3.2 billion increase from petroleum products, $115.6 million increase from domestic supplies of alcoholic beverages offset by a reduction of 309.7 million in motor vehicle imports.

Increases in petroleum products were due to increase in excise tax rates applicable on imports of gasoline and diesel oil in 2015 when compared to the rates applicable in 2014.
During the period January to June 2014, the excise tax rates applicable on gasoline and diesel oil were 20 percent and 15 percent respectively as compared to 50 percent and 45 percent, respectively, from January 20 to June 31, 2015.

On the other hand, excise tax collections from motor vehicles declined by $309.7 million on account of decreases in the number and values of imported motor vehicles.

3.30 Value added tax collections totalled $18.2 billion, a decline of $212.9 million.
Domestic supplies decreased by $114 million, because of arrears payments received in 2014 while VAT on imports declined by $54.5 million, due to significant decreases in the values of several categories of commodities imported in the manufacturing and trading sectors.

3.31 Non-tax revenue collections increased in the first half of 2015 by $472.8 million, an increase of 6.7 percent over the same period in 2014.
In spite of revenue losses from the environmental tax and several items from VAT as well as the removal of NIS deductions from chargeable income the GRA intends to redouble its efforts to ensure that the 2015 revenue target is achieved.

14 Mid-Year Report 2015 3.32 Non-interest current expenditure amounted to $55.2 billion in the first half of 2015, a 2.2 percent increase when compared to the $54 billion expended in the first half of 2014.
Personal emoluments totalled $20.9 billion, in the first half of 2015, an increase of 6.1 percent over the same period in 2014 as a result of the annualisation of increases granted in 2014.

Other goods and services increased marginally, from $15.2 billion, in the first half of 2014, to $15.3 billion in the first half of 2015, mainly due to expenditure associated with the hosting of General and Regional Election in May 2015.
Transfer payments remained stable at $19 billion in first half of 2015 when compared to the same period in 2014.

The Guyana Sugar Corporation (GUYSUCO) benefited from subsidies totalling $3.8 billion during the reviewed period; an increase of $812 million when compared to the same period in 2014.

3.33 The primary balance, which is the difference between the current revenue and non- interest expenditure, was $23.2 billion at half year point compared to $19.8 billion for the same period in 2014.
The current balance improved from $17.1 billion in first half 2014 to $20.2 billion in first half 2015.

3.34 Central Government's capital expenditure declined by 52 percent in the first half of 2015 due to the delayed Budget 2015.

Notwithstanding, the Government remains committed to the implementation of the public sector investment programme, as presented in Budget 2015.
As such, the second half of 2015 will experience a substantial growth in capital expenditure as works on new and on-going projects will be accelerated.

The overall balance for the first half of 2015 stood at $14 billion an improvement of $9.7 billion when compared to the same period in 2014.

3.35 Public enterprises recorded a surplus of $4 billion, in the first half of 2015, compared to a deficit of $2.5 billion recorded for the same period in 2014.
This is mainly on account of improved performance by Guyana Oil Company Ltd.(GUYOIL) which realised an overall surplus of $1.7 billion for the period under review compared to a deficit of $0.9 million reported in first half 2014.

The main contributory factor to the improved performance by GUYOIL was the reduced cost of fuel.
While there was a 16.7 percent decrease in the sale of fuel products, 15 Mid-Year Report 2015 this was compensated by a $5.3 billion reduction in the payment to creditors as a result of a significant decrease in the acquisition costs of fuel in the first half of 2015.

For the first half of 2015, GuySuCo received $3.8 billion in subsidy compared to $3 billion for the same period in 2014.

In addition, revenue was generated from the sale of land and the sale of the co-generation plant at Skeldon.
E. Debt Management 3.36 Guyana’s debt remained sustainable3, during the first half of 2015.

As of June 30 2015, total public debt amounted to US$1.6 billion of which external debt amounted to US$1.2 billion, and domestic debt US$0.4 billion.

3.37 External debt decreased marginally by 0.5 percent, compared with the same period in 2014.
This reduction in the external debt stock arose from the signing of the fifth Debt Compensation Agreement with Venezuela in September 2014 which saw US$69 million of the oil debt effectively compensated, equivalent to the value of rice and paddy shipped by Guyana to Venezuela under the Guyana-Venezuela Rice Trade Agreement.
Guyana: Debt Stock 2010 to 2015 1,400 1,200 1,000 s n o i l l i m $ S U 800 600 400 200 - 2010 2011 2012 2013 2014 2015 External Domestic The mid-year external debt stock increased between 2010 and 2012 primarily as a result of increased borrowing from Venezuela under PetroCaribe.

Thereafter, the mid-year external debt stock gradually declined due to the reduction of the debt to Venezuela since the value of rice and paddy exported to that country is offset against the debt.
The general decline in the domestic debt stock over the 5-year period was mainly due to the redemption of Government of Guyana debentures held by Republic Bank over the period 2010 to 2013 and the redemption of treasury bills by the Bank of Guyana.

3 Sustainable debt is defined as the ability to repay the debt without changing your fiscal policy.
16 Mid-Year Report 2015 3.38 In the first half of 2015, principal and interest payments amounted to US$50.96 million, of which Central Government payments totalled US$45.8 million.

Compared with the previous year, these amounts were lower by 36 percent and 38 percent respectively.

Central Government debt service includes payments made to Venezuela in the form of rice and paddy that was shipped to that country under the Petrocaribe arrangement.
The significant decline in these payments in the first half of this year was due to level of rice and paddy exported to Venezuela compared with the first half of 2014.

3.39 Over the period July 1, 2014 to June 30, 2015, the actual external disbursements totalled US$137.5 million with Venezuela (PDVSA) accounting for 54 percent and the Inter-American Development Bank (IDB) accounting for 22 percent of this total.
3.40 Guyana's domestic debt stock reduced by 13.1 percent, reaching $75.8 billion at the end of June 2015 compared to $87.3 billion at the end of June 2014.

This decline was primarily due to the redemption of the Treasury Bills by the Bank of Guyana.

Notably, the stock of Treasury Bills amounted to $71.6 billion, a decrease of 13.7 percent from the end-June 2014 amount of $83.0 billion.
At mid-year 2015, the actual domestic debt service payment totalled $820.9 million, an increase by 30.7 percent compared with $628.3 million made during the first half of 2014.

This increase reflects higher payments by the Bank of Guyana for the redemption of Treasury Bills in the first half of 2015.
In addition, over the past three years, the 6-month Treasury Bill rate has increased significantly, moving 39 basis points from 1.20 percent at June 2013 to 1.59 percent at June 2014, and a further 30 basis points to 1.89 percent at June 2015.

17 Mid-Year Report 2015 F. Key Sector Highlights a.

Education 3.41 For the first half of 2015, total expenditure in the education sector amounted to $11.7 billion of which $11.3 billion was current expenditure and $379.9 million was capital expenditure.
During the first half of 2015, expenditure was limited to rollover projects.

These suffered from delays due to poor contractors’ performance and late award for rehabilitation works programmed for the University of Guyana facilities.

3.42 Considerable efforts were made towards improving the effectiveness and efficiency in the delivery of quality teacher education at Cyril Potter College of Education and School of Education (CPCE) and Humanities at the University of Guyana (UG).
Development and training in the use of a new classroom observation instrument that assesses student teachers’ instructional quality based on international best practices was done while advances were made in integrating ICT into teaching and learning, as many are using online teaching and learning platforms such as power point or other multimedia to support teaching and learning at the School of Education and Humanities, UG and CPCE.
3.43 The introduction of a policy on teacher education delivery time for a Bachelor of Education (B.Ed) degree was done with the intent of reducing the duration of the qualifying period.
This was implemented via the introduction of the new two-year compulsory Associate’s Degree in Education (ADE) offered by CPCE followed by two additional years (non- compulsory) study at UG, resulting in aspiring teachers benefitting from a reduction in the number of years it takes to attain the B.Ed from seven years to four years.

To date, seven hundred and three (703) students have graduated from the ADE programme while forty-one (41) teachers with ADE are studying in the two-year B.Ed.
programme for the academic year 2014 – 2015.

3.

44 In advancing the area of science and technology within the University of Guyana rehabilitation works commenced on the faculties of technology, natural science, earth and 18 Mid-Year Report 2015 environmental sciences and agriculture and forestry.

The fibre optic ring and wireless network are being installed and will provide internet services at UG's Turkeyen campus when completed.
Additionally, studies and business plans began for the establishment of a research and innovation fund which will provide financing for the university’s academics to undertake research.

A business unit is also being established which will serve as a revenue generating arm of the university.

3.45 In the area of mathematics, a diagnostic assessment of mathematics teachers was completed.
The results will be used to prepare new modules that will that will guide the retraining of teachers and improve their knowledge and enhance the methodology used to deliver the mathematics curriculum.

As part of a pilot programme, 100 math teachers from Regions 3, 4, 7 and 9 were trained in ICT literacy and software use.

This has enabled the teachers to incorporate the use of technology to prepare their curriculum.
It is envisaged that these creative approaches will stimulate and increase the students’ interest and performance in mathematics.

3.46 In the first half of the year, a total of $457 million was expended on the construction, rehabilitation and maintenance of schools and education facilities including science and ICT labs across the country.
3.47 During the final half of 2015, we will see the completion, construction, rehabilitation, extension and maintenance of schools, including Zeeburg and Kato Secondary; One Mile, St. Stephen’s, Aurora and Peter’s Hall Primary and Grove, Eastville and Smyth Street Nursery.

These interventions will improve access to education and reduce overcrowding in expanding housing areas.
The Early Childhood Education Project will commence and will improve literacy and numeracy for children at the nursery and Grade 1 classes in primary schools.

Towards this end, 750 resource kits will be procured and training for teacher in the hinterland and selected riverain areas will commence in the second half of 2015.

19 Mid-Year Report 2015 b.

Health 3.48 The sum of $8.2 billion was expended in the health sector.
At the half year $4.7 billion was spent on employment cost to ensure expanded access to medical professionals across the regions.

Over $1.9 billion was expended to purchase drugs and medical supplies for citizens to access better health care at hospitals and health centres within the public health system while a further $524.5 million was spent to ensure our health care facilities are adequately serviced and secured.
To ensure the adequate nutritional intake for patients within out hospitals $122.8 million was spent on the procurement of dietary supplies.

3.49 The sum of $73.8 million was expended on the advancement of works at the Port Kaituma Hospital Complex, the upgrading of the Nursing School Annex, Kingston Georgetown, the closure of the Specialty Hospital Project and other maintenance works.
Funds allocated towards the Specialty Hospital Project have been reprogrammed for the modernization of buildings and facilities of primary health care centres.

Further, a consultancy aimed at creating these state of the art centres of excellence is expected to commence during the last quarter of this year.
Looking forward, the health sector will continue with the implementation of ongoing projects namely, the construction of the Bartica Hospital Maternal Home, upgrading of the old Linden Hospital Building to accommodate ophthalmology theatre and doctor's on-call rooms; renovation of doctors’ quarters, Richmond Hill, Linden; rehabilitation of canteen, Linden Hospital Complex; construction of the nurses hostel at Kwakwani Hospital and the completion of the Kwakwani Hospital which are all expected to be completed in the third quarter.
3.50 As continued focus was placed on the development of the human resources capacity in the sector, $168.6 million was spent in the first half of 2015 to provide our health care personnel with the necessary skills to deliver quality health care.

This expenditure saw the continuation of specialised training in areas such as paediatrics, emergency medicine, obstetrics and gynaecology, orthopaedic and traumatology, internal medicine and infectious diseases.
Additionally, during the review period collaboration with the International Children’s Heart Foundation resulted in 17 children with congenital heart disease, who previously would have had to seek treatment abroad, benefitting from free surgeries in Guyana.

20 Mid-Year Report 2015 c. Housing 3.51 During the first half of this year, over $881.8 million was expended on this sector which included current expenditure of $45.4 million and capital expenditure of $836.4 million.
Infrastructural works continued in housing schemes, in areas such as Lust En Rust, Zeelugt, Windsor Forest, Providence, Farm, Diamond, Eccles, Enmore, Sophia and Cumberland.

In addition, 1,514 land titles were processed and 1,908 titles were distributed during the first half of 2015.
3.52 Under the Second Low Income Settlement Programme which came to an end in June 2015 a number of achievements were attained including the completion of the access road in Section D Sophia and upgrade of the electrical distribution network in Recht Door Zee and Amelia’s Ward.

3.53 In the second half of this year, Government will complete 100 turnkey homes and allocate 200 new house lots in Perseverance; process an additional 500 land titles; and further distribute 900 land titles.
d. Water 3.54 Government has expended $418 million during the first six months of this year on continued capital works including the construction of the Linden and Wisroc Water Treatment facilities and reservoirs.

In addition, the procurement process is advanced for the construction of water treatment plants and facilities at Sheetanchor, Diamond and Uitvulgt.
3.55 In an effort to improve on increased treated water coverage, increased metered coverage, reduction of non-revenue water and increased coverage of new customers, designs have been completed for the drilling of wells, installation of mains and new services to benefit more than 50,000 persons countrywide.

The second half of the year will see the award and commencement of such projects in areas including Hillfoot Timehri, Esau and Jacob, Wakenaam, Williamsburg 21 Mid-Year Report 2015 and Nos.
66-69 villages.

Specifically, water meters will be procured and installed with the aim of reducing non-revenue water.

e. Sanitation 3.56 In order to address sanitation, during the first six months of this year, works continued on the rehabilitation of the Georgetown Sewer System.

Additionally, rehabilitation works and procurement are programmed along with institutional strengthening activities for the second half of 2015.
3.57 During the latter half of 2015, works will advance on access roads to landfill sites at Haags Bosch and Lusignan.

Government is seeking to enhance its’ efforts in building the capacity of Neighbourhood Democratic Councils(NDCs) and the Municipality of Georgetown to deliver effective solid waste management services through selected interventions including the acquisition of equipment.
f. Agriculture 3.58 During the first six months of 2015, in excess of $6.4 billion was spent in the agriculture sector.

Under the capital programme, $104 million was spent on the completion of the Rural Enterprise and Agricultural Development (READ) project, which targeted poor rural households through the provision of funding for 20 Enterprise Development Projects, 14 Productive Social Investment Projects, 43 individual farmers and the participation in a Business Forum Exhibition.
Additionally, persons also benefitted from training in the areas of life skills, food handling, marketing and enterprise development.

3.59 In an effort to improve the delivery of agricultural services, the final half of 2015 will see investments geared towards reducing hindrance to farmers’ productivity and improving access to veterinary services.
22 Mid-Year Report 2015 g. Infrastructure Drainage and Irrigation 3.60 In the first half of 2015, Government expended $1.7 billion, of which $863.3 million was on recurrent expenditure and $897 million on capital projects for this sector.

This performance is largely attributed to the delays in commencement of construction of pump stations at No 43 Village, Eversham, Gangaram and Lima.

This performance was also compounded by poor contractor’s performance in many other areas.
Construction and rehabilitation works have commenced and continued on sluices, revetments, pumps and pump stations.

Works on the Northern Relief Channel and its related structures were completed, with its first test release of water completed in the second quarter.

Further, works began on intake structures and sluices at Ann’s Grove, Hope, Sarah Johanna, Annandale and Nancy.
3.61 In the latter half of 2015, initiatives to strengthen and improve planning and monitoring to reduce risk to breaches and overtopping of the East Demerara Water Conservancy will be pursued.

Quality assurance, instrumentation and emergency preparedness plans will be developed under the Flood Risk Management Project to guide rehabilitative efforts for the construction of three pump stations along the East Coast.
Further, to enhance the effectiveness and efficiency of drainage and irrigation systems, works will progress on the rehabilitation of intake structures at Anns Grove, Hope, Annandale and Nancy, and relief structures at Maduni and Sarah Johanna.

Additionally, the Government has secured funding for the Cunha Canal from the World Bank.

This project is set to assist with flood mitigation.
Roads and Bridges 3.62 In the first six months of the year, a total of $3.1 billion was spent on advancing capital and maintenance projects, of which $3 billion was spent on roads and $105.9 million on bridges.

The sum of $86.6 million was expended on the East Bank Demerara four lane highway, which is severely delayed due to poor contractor’s performance, including poor construction management 23 Mid-Year Report 2015 and limited financial capacity.
Additionally, almost $667 million has been expended on the West Bank Demerara road project, which has faced delays as a result of the relocation of utilities.

Works on the East Coast Demerara Highway are progressing with $65.3 million spent on this project for the first half of 2015.

A sum of $797.3 million was spent on roads in coastal areas, $290.3 million on improving hinterland roads, and $53.2 million on urban roads.
Further, $323.5 million was expended for the continuation of farm access roads in Parika, Ruby, Onverwagt and Laluni.

3.63 In the second half of 2015, Government will commence the upgrade of the Sophia “Ring Road” and internal roads in Mahdia.

Additionally, the West Demerara Highway project will be advanced.

Regrettably, the long awaited upgrade of the Sheriff Street/Mandela Avenue road has been faced with yet another stumbling block at the procurement phase.
This project is now a subject of review with the Inter-American Development Bank.

3.64 Bilateral negotiations are ongoing with the Government of India for the bypass highway linking the East Coast and East Bank of Demerara.

The Government is also finalising the financing agreement for the expansion of the East Coast highway with the People’s Republic of China.
Air and River Transport 3.65 For the first half of 2015, the sum of $47 million was expended on capital works in this sector, in order to carry out maintenance of hinterland airstrips in Matthew’s Ridge, Port Kaituma, Kamarang and Imbaimadai.

Additionally, the sum of $27.5 million was spent on the expansion of the CJIA runway.

Under the CJIA Extension Project, investigations have shown unfavourable soil conditions in the area earmarked for the extension of the runway.
This has caused several delays in the execution of this project.

3.66 In the second half of 2015, efforts will be advanced to improve service delivery through our waterways, specifically the docking of MB Sandaka, MV Barima, and MV Kimbia; 24 Mid-Year Report 2015 acquiring spares; rehabilitating stellings at Georgetown, Parika, Leguan and Bartica, and facilitating dredging in the Demerara and Essequibo Rivers.
Additionally, Government has renegotiated the CJIA contract, which now includes upgrade and modifications to the existing terminal building and a realigned runway.

The latter half of the year will see a finalised runway design and additional earthworks on runway extension.

Further, the Government of Guyana will be approaching the Government of India to finance the acquisition of an ocean-going vessel for the North West district.
Sea and River Defence 3.67 To further strengthen sea and river defence infrastructure against vulnerabilities attributed to flooding and erosion caused by climate change, a total of $402.6 million was expended.

Works are currently on-going in Regions 2 to 7 in areas such as Johanna Cecelia, Zeeburg, Friendship, Mosquito Hall/Lancaster, Glasglow/Heatburn and Mahaicony.
3.68 In the second half of 2015, tenders will be launched for the sea and river defence interventions in areas such as Good Success, Crane, Grove, Johanna Cecilia, Endeavour, Charity, Perseverance, Maria Johanna, Mosquito Hall and Leguan.

h. Energy 3.69 In the first six months of 2015, a sum of $10.8 million was expended on capital projects to improve electricity generation, transmission and distribution.
Under the loss reduction initiatives, rehabilitation and reconfiguration works were successfully completed in 18 areas including Georgetown, East Coast Demerara, West Bank Demerara and Berbice.

3.70 The Government is unable to proceed with the Amaila Falls Hydroelectric Project in its current form as the cost of financing this project is too high.
Further, the Inter-American Development Bank, a major stakeholder in the establishment of the hydropower site, has indicated that the project is too risky to attract the Bank’s financing.

The Government is seeking 25 Mid-Year Report 2015 to develop a comprehensive alternative energy matrix which will outline sustainable and affordable energy sources.

Plans are also under way to construct small hydro-power sites in Moco Moco, Kato and Tumatumari.
3.71 During the latter half of 2015, tenders will be launched for interventions captured under the Power Utility Upgrade and Sustainable Operation of the Electricity Sector programmes, including procurement of rehabilitative works on low voltage networks and smart meters.

Further, with respect to alternative energy, we will see the procurement and installation of photovoltaic systems, as well as the rolling out of pilot projects in the installation of solar street lighting.

i.
i.

Information and Communication Technology 3.72 In the first half of 2015, $558 million was expended under the E-Government project for the completion of works, delivery of Long Term Evolution-Advance (LTE-A) equipment and the provision of LTE-A related services.

To this end, works have been completed at all of the 54 LTE-A sites as well as testing of microwave equipment.
However, the populace is unable to derive the intended benefits of such investment since substantial modifications are required to operationalise same.

In the latter part of 2015, the Government will conclude the procurement of an additional 9,609 laptops to be distributed to teachers countrywide, reinvigorating the One Laptop Per Family (OLPF) programme, now the One Laptop Per Teacher programme.

26 Mid-Year Report 2015 4.


Fiscal Risks and Proposed Policy Responses 4.1 At the time of writing this report several fiscal risks confront the Government which if not addressed would seriously compromise the growth and fiscal deficit projections for 2015.

However, they are, expected to be mitigated by deliberate policy responses of the Government.

Key areas of risk and proposed policy responses are listed below: i.
Tax Revenues: 4.2 The tax revenue projections assume a high level of compliance and business activity in the second half of the year as compared to first half.

The GRA is currently accelerating enforcement and debt collection efforts to minimize any jeopardy which may arise in meeting the revenue target for 2015. ii.

Expenditure: 4.3 The late presentation of Budget 2015 which left four months for the new Government to address expenditure issues presented its own challenges.
In addition the Government was faced with unexpected structural and capacity deficiencies in the sectors that needed to be addressed to ensure ability to move forward.

Collectively these factors pose a risk to full implementation of the 2015 programmes.

Government has put systems in place to improve tendering and procurement and monitoring of expenditure in Budget Agencies in an effort to address these challenges.

iii.
iii.

Debt Payments: 4.4 While Guyana’s public debt is projected to remain on a sustainable path there are challenges to be confronted.

Notably, Guyana continues to accumulate significant arrears, totalling US$156.6 million at June 30, 2015, to its non-Paris Club bilateral creditors who did not participate in the Heavily Indebted Poor Countries (HIPC) Initiative.

These debts in arrears 27 Mid-Year Report 2015 continue to accumulate.
To address this issue, Government will continue to actively engage these creditors with a view to normalising relationships and retiring the debts.

iv.

Key external factors: 4.5 Oil prices are forecasted to remain low but if this assumption does not hold several major industries will be impacted.

The fiscal deficit, balance of payments accounts and inflation will be affected.

Government stands ready to institute appropriate measures to lessen any burden on citizens should the occasion arise.
v. Fiscal Deficit: 4.6 The fiscal deficit is at risk if any of the above elements of tax revenue, expenditure, debt payments or key external factors changes unfavourably without a compensating favourable movement in another variable.

Even if the nominal deficit is achieved the percentage deficit target can be negatively affected based on any of the reasons discussed in this report.

vi.

Political Climate: 4.7 Any deterioration in the political climate can retard the pace of investment.
Government being cognizant of this, has embarked on important confidence building measures including organising a national social cohesion round table to develop actions aimed to promote inclusive governance and extending an invitation to the Opposition for the holding of joint unity talks to ensure effective national dialogue in this regard.

vii.
vii.

Financing and new borrowing: 4.8 As Guyana’s growth performance and per capita income improves, access to concessional financing continues to decline and becomes increasingly difficult due to loss of 28 Mid-Year Report 2015 eligibility.

As a result, while government continues to seek and negotiate for concessional terms on new borrowing, the country faces the prospect that new loans may eventually be contracted on terms that are less favourable than those currently obtained.
Government will continue to seek the most concessional terms of new financing.

In this regard two mechanisms are being pursued.

The first is the blending of non-concessional and concessional financing within individual donor envelopes and the second is across multiple donors to blend donor support of non-concessional financing with donors who offer grant windows of financing.

These options leverage the concessional elements of the available resources.

29 Mid-Year Report 2015 5.


Conclusion 5.1 The economy’s first half performance though slower than desired was not unexpected given the factors described earlier.

The outlook for the second half remains positive.

The road forward is not without challenges.

However, this Government remains confident that measures taken in the Budget 2015, along with the vision for 2020, will place this country on a track for increasing growth, reducing poverty and advancing development.
Budget 2015 contains a menu of measures, programmes and projects which when implemented will foster a vibrant economy and an improved quality of life for all our people across our ten regions.
30 APPENDICES APPENDIX A1 __________________________________________________________________________ MID-YEAR GDP GROWTH RATES BY SECTOR Item 2014 Actual Budget 2015 2014 HY 2015 HY Agriculture, Fishing and Forestry Sugar Rice Other Crops Livestock Fishing Forestry Mining and Quarrying Bauxite Gold Other Manufacturing Sugar Rice Other Manufacturing Electricity and Water Construction Wholesale and Retail Trade Transportation and Storage Information and Communication Financial and Insurance Activities Public Administration Education Health and Social Services Real Estate Activities Other Service Activities TOTAL Non-Sugar GDP growth rate 5.6 15.7 18.6 5.0 2.9 -26.7 14.0 -11.5 -8.0 -19.5 35.3 10.7 15.7 18.6 5.5 2.6 18.0 -3.0 13.7 3.8 0.8 1.5 4.0 3.8 6.0 4.0 3.8 3.4 4.3 1.7 10.7 2.0 8.9 -1.9 2.2 0.6 -5.7 0.6 5.8 0.7 1.7 -4.6 3.5 5.2 -0.2 5.5 6.4 3.9 6.8 0.0 3.4 3.0 3.0 3.7 3.4 3.3 11.2 66.5 18.3 5.0 1.3 -23.4 38.1 -10.5 -3.0 -15.5 8.2 11.2 66.5 18.7 2.0 -4.2 28.8 6.0 -9.9 3.5 1.9 0.5 2.4 2.8 1.8 3.6 4.8 6.4 4.0 1.6 15.3 5.0 15.0 -11.6 -9.8 -17.4 -18.6 -16.2 -21.3 7.1 1.6 15.3 2.7 5.7 -13.2 4.8 12.0 6.0 6.7 0.8 3.0 2.9 1.8 3.6 0.7 0.8 Source: Bureau of Statistics 31 Mid-Year Report 2015 GDP Growth Rates by Sector APPENDIX A2 __________________________________________________________________________ MID-YEAR SECTOR SHARE OF GDP Item Agriculture, Fishing and Forestry Sugar Rice Other Crops Livestock Fishing Forestry Mining and Quarrying Bauxite Gold Other Manufacturing Sugar Rice Other Manufacturing Electricity and
 Water Construction Wholesale and Retail Trade Transportation and Storage Information and Communication Financial and Insurance Activities Public Administration Education Health and Social Services Real Estate Activities Other Service Activities 2011 HY 2012 HY 2013 HY HY 19.6 2.2 4.0 5.4 2.8 2.1 3.1 11.1 1.9 7.6 1.6 7.0 0.6 2.5 3.9 1.7 8.7 15.5 8.0 4.6 4.5 7.5 4.5 2.0 1.2 4.1 2015 HY 20.2 2.2 4.6 5.5 3.2 1.9 2.8 9.3 1.5 6.4 1.4 7.4 0.6 2.9 4.0 1.8 7.9 15.6 8.8 4.8 4.7 7.5 4.5 2.1 1.2 4.1 TOTAL 100.0 100.0 100.0 100.0 100.0 Source: Bureau of Statistics 32 Mid-Year Report 2015 Sector Share of GDP ITEM A Current Account 1.0 Merchandise (Net) 1.1 Exports (f.o.b.)
1.1.1 Bauxite 1.1.2 Sugar 1.1.3 Rice 1.1.4 Gold 1.1.5 Timber 1.1.6 Other 1.1.7 Re - exports 1.2 Imports (c.i.f.)
1.2.1 Fuel & Lubricants 1.2.2 Other 2.0 Services (Net) 2.1 Factor 2.2 Non Factor (Net) 3.0 Transfers 3.1 Official 3.2 Private B Capital Account 1.0 Capital Transfers 2.0 Medium and Long Term Capital (Net) 2.1 Non - Financial Public Sector Capital (Net) 2.1.1 Disbursements 2.1.2 Amortization 2.1.3 Other 2.2 Private Sector (Net) 3.0 Short Term Capital C D E Errors and Ommissions OVERALL BALANCE Financing 1.0 Bank of Guyana net foreign assets 2.0 Change in Non-Financial Public Sector Arrears 3.0 Exceptional Financing 3.1 Debt Relief 3.2 Balance of Payments Support 3.3 Debt Forgiveness 3.4 Debt Stock Restructuring APPENDIX B1 MID-YEAR BALANCE OF PAYMENTS ANALYTICAL SUMMARY 2014 ACTUAL 2015 BUDGET 2014 HY 2015 HY 2015 REVISED (385.2) (624.1) 1,167.2 124.7 88.0 249.5 469.8 53.4 169.2 12.5 (1,791.3) (573.4) (1,217.8) (218.7) 26.7 (245.4) 457.6 457.6 210.1 4.4 263.5 0.5 163.4 (67.4) (95.5) 263.0 (57.8) 58.7 (174.6) (421.7) 1,136.6 121.4 82.0 267.2 407.0 54.0 185.0 20.0 (1,558.3) (416.4) (1,141.9) (178.3) 7.5 (185.8) 425.4 425.4 61.2 24.1 90.8 (126.2) 121.1 (193.2) (54.1) 217.0 (53.7) - (116.4) (113.4) 116.4 67.9 - 48.5 2.5 47.0 (1.0) 113.4 47.8 - 65.7 16.5 49.2 - (214.6) (312.6) 534.7 67.0 34.4 95.6 226.7 21.3 83.9 5.7 (847.3) (296.8) (550.5) (116.3) (4.4) (111.8) 214.3 (121.3) (236.8) 536.1 53.3 30.4 125.7 188.3 23.5 98.2 16.8 (772.8) (195.8) (577.0) (82.7) (2.7) (80.0) 198.2 214.3 198.2 80.7 1.0 106.1 (7.5) 83.6 (31.9) (59.3) 113.6 (26.3) 40.9 (93.0) 93.0 69.6 - 23.4 1.3 22.6 (0.5) 20.5 1.0 64.0 (50.8) 34.9 (61.3)
 (24.4) 114.8 (44.5) 42.6 (58.1) 58.1 33.1 - 25.0 1.6 23.4 - (174.6) (427.1) 1,131.2 121.4 82.0 267.2 401.6 54.0 185.0 20.0 (1,558.3) (416.4) (1,141.9) (172.6) 13.2 (185.8) 425.1 425.1 61.2 24.1 90.8 (126.2) 121.1 (193.2) (54.1) 217.0 (53.7) - (113.4) 113.4 47.8 - 65.7 16.5 49.2 - Figures: US$m Source: Bank of Guyana 33 Mid-Year Report 2015 Balance of Payments Analytical Summary APPENDIX C1 MID-YEAR MONETARY SURVEY 2014 December 2014 HY 2015 HY 1.0 Total Money & Quasi Money 1.1 Money 1.1.1 Currency 1.1.2 Demand Deposits 1.2 Quasi Money 1.2.1 Time Deposits 1.2.2 Savings Deposits 2.0 Domestic Credit (Net) 2.1 Public Sector (Net) 2.1.1 Central Govt.
(Net) 2.1.2 Public Enterprises (Net) 2.1.3 Other Public Sector (Net) 2.2 Private Sector 2.2.1 Agriculture 2.2.2 Other Manu.

& Process.

2.2.3 Rice Milling 2.2.4 Construction and Engineering 2.2.5 Distribution 2.2.6 Personal 2.2.7 Mining & Quarrying 2.2.8 Other Services 2.2.9 Real Est.

Mortg.

loans 2.2.10 Other 2.3 Financial Insts.
3.0 Foreign Assets (Net) 3.1 Assets 3.2 Liabilities 4.0 Other Items (Net) 329,639.8 131,186.1 72,454.2 58,731.9 198,453.7 22,621.0 175,832.7 154,911.1 (25,796.9) 28,326.1 (37,107.6) (17,015.4) 202,041.5 12,008.2 13,533.1 4,213.7 13,422.6 29,649.9 26,903.3 5,456.8 27,370.1 64,115.6 5,368.3 (21,333.5) 195,178.4 211,292.1 (16,113.7) (20,449.7) 313,132.8 110,864.6 60,602.0 50,262.6 202,268.2 25,276.1 176,992.1 141,896.2 (28,564.8) 19,977.3 (32,245.8) (16,296.3) 190,541.8 13,618.8 12,509.4 4,123.9 11,920.4 28,907.7 25,651.3 5,742.5 21,439.3 60,903.0 5,725.5 328,388.9 123,037.8 67,460.2 55,577.6 205,351.0 22,970.3 182,380.8 158,037.6 (25,161.9) 39,405.5 (47,554.0) (17,013.4) 205,166.4 12,719.8 13,568.7 2,814.5 13,662.5 29,587.5 25,676.9 5,407.3 25,707.3 69,671.0 6,350.9 (20,080.9) (21,966.9) 188,308.4 205,311.0 (17,002.7) 197,483.9 211,701.7 (14,217.8) (17,071.7) (27,132.6) Figures: G$m Source: Bank of Guyana 34 Mid-Year Report 2015 Monetary Survey APPENDIX D1 __________________________________________________________________________ MID-YEAR CONSUMER PRICE INDEX ALL ITEMS FOOD CLOTHING FOOTWEAR AND REPAIRS HOUSING FURNITURE TRANSPORT AND COMMUNICATION MEDICAL AND PERSONAL CARE 2014 Dec. 113.9 126.7 99.3 96.1 100.6 95.4 121.2 121.6 2014 June 2015 June 112.1 111.9 123.3 124.4 98.9 101.8 92.6 100.8 95.5 97.2 99.2 92.7 119.9 118.3 117.3 121.0 EDUC., RECR.
AND CULTL.

SERVICE 98.7 97.0 94.1 MISC.
GOODS AND SERVICES 120.9 115.1 120.6 Source: Bureau of Statistics 35 Mid-Year Report 2015 Consumer Price Index APPENDIX E1 MID-YEAR CENTRAL GOVERNMENT FINANCIAL OPERATIONS 2014 ACTUAL 2015 BUDGET 2014 H1 2015 H1 2015 REVISED Total Revenue Revenue Tax Income taxes Consumption taxes Trade taxes Other Non-tax Private sector Public enterprise & BOG GRIF Inflows 145,725.8 164,656.6 144,711.4 135,889.7 51,183.1 65,709.5 13,856.4 5,140.8 8,821.7 3,530.2 5,291.5 1,014.4 163,651.6 143,252.5 54,398.5 69,521.5 14,131.0 5,201.6 20,399.1 6,353.1 14,046.0 - Total expenditure 184,847.0 192,172.1 Current expenditure Non-interest expenditure Personal emoluments Other goods and services Transfer Payments Interest External Domestic Primary balance Current balance Capital Revenue Capital Expenditure 133,833.4 127,494.1 42,305.6 40,106.2 45,082.2 6,339.4 4,794.4 1,544.9 17,217.3 10,878.0 - 51,013.6 153,123.5 146,645.0 45,198.8 44,979.8 56,466.4 6,478.5 4,761.8 1,716.6 17,006.6 10,528.2 1,005.0 39,048.6 Overall Balance before Grants (39,121.2) (27,515.5) Grants HIPC relief Original Enhanced CMCF MDRI Other Projects Non-projects 4,191.1 3,279.4 - 915.2 2,007.3 356.9 911.7 911.7 - 7,415.9 2,432.0 - 947.3 1,484.7 - 4,984.0 4,984.0 - 74,228.5 73,804.1 66,795.2 26,651.0 30,661.9 6,102.3 3,379.9 7,009.0 1,717.5 5,291.5 424.4 71,365.7 56,740.7 53,971.0 19,738.6 15,228.1 19,004.3 2,769.7 2,159.1 610.5 19,833.1 17,063.5 - 14,625.0 2,862.8 1,361.7 1,158.5 - 457.5 522.6 178.4 203.2 203.2 - 78,338.8 78,338.8 70,857.1 27,428.1 33,328.3 6,129.3
 3,971.4 7,481.7 3,969.0 3,512.7 - 65,062.9 58,092.3 55,154.7 20,892.4 15,309.2 18,953.1 2,937.6 2,134.5 803.2 23,184.1 20,246.5 - 6,970.6 13,275.9 683.8 471.9 - 471.9 - - 211.9 211.9 - Overall Balance after Grants (34,930.1) (20,099.6) 4,224.5 13,959.7 Financing Net External Borrowing Disbursments of Loans Debt Repayments Rescheduling Guysuco - Escrow A/C Overseas Deposit Net Domestic Borrowing 34,930.1 (13,753.3) 36,752.3 28,284.7 520.3 - (22,741.3) 20,099.6 (15,277.1) 25,286.1 29,906.7 652.6 - (11,309.1)
 48,683.5 35,376.6 (4,224.5) 3,376.1 5,881.3 1,918.7 269.2 - (855.8) (7,600.6) (13,959.7) (1,635.3) 10,989.6 7,839.2 336.9 - (5,122.5) (12,324.5) 164,656.6 163,651.6 143,252.5 54,398.5 69,521.5 14,131.0 5,201.6 20,399.1 6,353.1 14,046.0 - 192,172.1 153,123.5 146,645.0 45,198.8 44,979.8 56,466.4 6,478.5 4,761.8 1,716.6 17,006.6 10,528.2 1,005.0 39,048.6 (27,515.5) 7,415.9 2,432.0 - 947.3 1,484.7 - 4,984.0 4,984.0 - (20,099.6) 20,099.6 (15,277.1) 25,286.1 29,906.7 652.6 - (11,309.1) - 35,376.6 Net Divestment Proceeds - - - - - Figures: G$m Source: Ministry of Finance 36 Mid -Year Report 2015 Central Government Financial Operations APPENDIX E2 MID-YEAR FINANCIAL OPERATIONS OF THE NON - FINANCIAL PUBLIC SECTOR ITEM 2014 ACTUAL 2015 BUDGET 2014 H1 2015 H1 2015 REVISED Non-Financial Public Sector Revenues 145,585.0 171,786.0 73,460.1 87,218.9 145,725.8 (140.8) 164,656.6 7,129.4 74,228.5 (768.4) 78,338.8 8,880.1 171,786.0 164,656.6 7,129.4 Central Government Public Enterprises Total Expenditure Current Expenditure Non-Interest Expenditure Personal Emoluments Other Goods and Services Transfer Payments Transfers to the Private Sector Transfers to the public sector Interest External Domestic Current Balance Capital Revenue Capital Expenditure Central Government Public Enterprises 186,204.5 199,323.9 73,072.3 69,982.8 199,323.8 133,833.5 153,123.5 127,494.1 42,305.6 40,106.2 45,082.2 45,082.2 146,645.0 45,198.8 44,979.8 56,466.4 56,466.4 6,339.4 4,794.4 1,544.9 6,478.5
- 1,005.0 - - 52,370.9 51,013.6 1,357.3 46,200.4 39,048.6 7,151.8 16,331.6 14,625.0 1,706.6 11,890.5 6,970.6 4,919.9 1,005.0 46,200.4 39,048.6 7,151.8 Overall Balance before Grants (40,619.3) (26,532.9) 387.9 17,236.1
 (26,532.9) Grants HIPC Relief Other 4,191.1 3,279.4 911.7 7,415.9 2,432.0 4,984.0 1,361.7 1,158.5 203.2 683.8 471.9 211.9 7,415.9 2,432.0 4,984.0 Overall Balance after Grants (36,428.2) (19,117.0) 1,749.6 17,919.9 (19,117.0) Financing Net External Borrowing Net Domestic Borrowing Net Divestment Proceeds 36,428.2 19,117.0 (1,749.6) (17,919.9) (11,333.7) 47,762.0 (14,709.8) 33,826.7 - - 2,307.7 (4,057.2) - (2,937.3) (14,982.7) - 19,117.0 (14,709.8) 33,826.8 - Figures: G$m Source: Ministry of Finance 37 Mid-Year Report 2015 Financial Operations of the Non-Financial Public Sector APPENDIX E3 MID-YEAR PUBLIC ENTERPRISE CASH FLOW ITEM 2014 ACTUAL 2015 BUDGET 2014 H1 2015 H1 2015 REVISED Receipts Enterprises NIS Contributions Investment Revenue Total Expenditure Total non-interest expenditure Non-financial public enterprise Wages and Salaries Goods and Services Local taxes The NIS Taxes to central government Dividends and transfers Primary surplus or deficit (-) Interest External Internal 11,849.9
7,178.1 555.5 200.0 52,291.2 43,582.8 11,849.9 31,709.2 23.7 7,823.9 884.5 - 427.7 8,839.3 (594.7) 9,150.9 568.5 92.0 476.5 704.9 386.0 318.9 173.7 30.0 143.7 270.8 155.0 115.8 Current surplus or deficit (-) (140.8) 8,134.4 (768.4) 8,880.1 Capital Expenditure Enterprises NIS Less Government transfers 1,357.3 1,300.0 57.2 7,151.8 7,051.7 100.1 1,706.6 1,705.8 0.8 4,919.9 4,917.6 2.3 Overall surplus or deficit before special transfers (-) (1,498.1) 982.7 (2,475.1) 3,960.2 Special Transfers - - - - Overall surplus or deficit after special transfers (1,498.1)
 982.7 (2,475.1) 3,960.2 Financing External Domestic Divestment Proceeds 1,498.1 2,419.6 (921.5) (982.7) 567.3 (1,550.0) 2,475.1 (1,068.4) 3,543.5 (3,960.2) (1,302.0) (2,658.2) 122,353.3 102,982.8 28,241.7 74,694.8 46.3 15,885.3 1,482.7 2,002.5 8,839.3 704.9 386.0 318.9 8,134.4 7,151.8 7,051.7 100.1 982.7 - 982.7 (982.7) 567.3 (1,550.0) Figures: G$m Source: Ministry of Finance 38 Mid-Year Report 2015 Public Enterprise Cash Flow APPENDIX E4 MID-YEAR CENTRAL GOVERNMENT ABSTRACT OF NON-INTEREST CURRENT EXPENDITURE BY CHART OF ACCOUNT Acct Cod Chart of Account 2014 Actual 2015 Budget HY 2014 HY 2015 2015 Revised Total Statutory Expenditure 3,911,082,000 3,995,646,000 2,113,343,420 1,773,909,262 3,995,646,000 601 Total Statutory Employment Expenditure 3,868,278,000 3,917,842,000 2,113,343,420 1,773,909,262 3,917,842,000 6011 Statutory Wages and Salaries 464,680,000 303,520,000 257,343,000 187,464,698 6012 Statutory Benefits and Allowances 169,238,000 129,322,000 96,802,939 54,887,290 303,520,000 129,322,000 6013 Statutory Pensions and Gratuities 3,234,360,000 3,485,000,000 1,759,197,481 1,531,557,274 3,485,000,000 602 Statutory Payment to Dependants Pension Funds 42,804,000 77,804,000 - - 77,804,000 6021 Statutory Payments to Dependants Pension Funds Total Appropriation Expenditure 42,804,000 123,583,007,000 77,804,000 142,649,371,000 51,857,654,566 53,380,783,653 601 Total Employment Costs 611 Total Wages and Salaries 6111 Administrative 6112 Senior Technical
 42,179,222,000 45,311,696,000 19,632,451,526 20,914,648,445 31,752,346,000 35,324,251,000 16,210,654,714 17,546,472,066 4,971,950,000 5,394,043,000 2,561,311,999 2,604,899,662 5,887,004,000 6,467,421,000 3,093,529,781 3,160,949,170 6113 Other Technical and Craft Skilled 4,059,959,000 4,568,654,000 2,054,717,566 2,325,330,218 6114 Clerical and Office Support 3,612,432,000 3,927,972,000 1,805,999,545 2,011,175,485 6115 Semi-Skilled Operatives and Unskilled 3,304,524,000 3,606,872,000 1,650,301,201 1,807,664,379
 77,804,000 142,649,371,000 45,311,696,000 35,324,251,000 5,394,043,000 6,467,421,000 4,568,654,000 3,927,972,000 3,606,872,000 6116 Contracted Employees 6117 Temporary Employees 613 Overhead Expenditure 9,444,415,000 10,832,245,000 4,833,121,274 5,409,557,373 10,832,245,000 472,062,000 6,022,338,000 527,044,000 6,512,355,000 211,673,348 3,421,796,812 226,895,779 3,362,691,787 6131 Other Direct Labour Costs 798,546,000 822,298,000 400,796,210 426,960,228 6132 Incentives 6133 Benefits and Allowances 6134 National Insurance 6135 Pensions 614 Other Employment Costs 6141 Other Employment Costs 620 Total Other Charges 10,000,000 10,000,000 - 5,000,000 2,901,874,000 3,196,902,000 1,879,804,825 1,689,210,775 1,804,377,000 1,937,386,000 893,157,455 976,920,232 507,541,000 4,404,538,000 545,769,000 3,475,090,000 4,404,538,000 81,403,785,000 3,475,090,000 97,337,675,000 248,038,322 - - 32,225,203,040 264,600,552 5,484,592 5,484,592 32,466,135,208 621 Expenses Specific to the Agency 258,117,000 299,491,000 127,155,889 120,360,197 6211 Expenses Specific to the Agency 622 Materials, Equipment and Supplies 258,117,000 8,192,780,000 299,491,000 9,534,933,000 127,155,889 3,789,563,402 120,360,197 3,441,457,757 6221 Drugs and Medical Supplies 6222 Field Materials and Supplies 6223 Office Materials and Supplies 6224 Print and Non-Print Materials 623 Fuel and Lubricants 6231 Fuel and Lubricants 624 Rental and Maintenance of Buildings 6241 Rental of Buildings 6242 Maintenance of Buildings
 6243 Janitorial and Cleaning Supplies 625 Maintenance of Infrastructure 6251 Maintenance of Roads 6252 Maintenance of Bridges 5,204,103,000 5,496,202,000 2,987,183,628 1,936,178,775 1,142,033,000 1,400,544,000 279,164,427 466,911,280 677,801,000 870,660,000 229,286,523 362,323,268 1,168,843,000 2,339,352,000 2,339,352,000 3,298,806,000 1,767,527,000 2,504,258,000 2,504,258,000 3,464,523,000 293,928,824 993,236,091 993,236,091 882,946,993 676,044,434 1,076,943,204 1,076,943,204 924,946,484 794,948,000
 887,856,000 419,971,765 420,035,917 2,081,969,000 2,125,107,000 316,075,591 360,330,687 421,889,000 2,790,719,000 451,560,000 3,458,548,000 146,899,637 459,286,800 144,579,880 845,656,519 947,698,000 1,162,833,000 145,663,716 359,352,652 1,162,833,000 205,729,000 226,160,000 6,024,285 30,452,970 6253 Maintenance of Drainage and Irrigation Works 601,204,000 658,019,000 157,081,093 213,073,647 6254 Maintenance of Sea and River Defenses 234,750,000 279,400,000 32,511,317 93,181,289 6255 Maintenance of Other Infrastructure 801,338,000 1,132,136,000 118,006,389 149,595,961 1,132,136,000 Figures: G$ Source: Ministry of Finance 39 Mid-Year Report 2015 Central Government Abstract of Non-Interest Current Expenditure by Chart of Account 527,044,000 6,512,355,000 822,298,000 10,000,000 3,196,902,000 1,937,386,000 545,769,000 3,475,090,000 3,475,090,000 97,337,675,000 299,491,000 299,491,000 9,534,933,000 5,496,202,000 1,400,544,000 870,660,000 1,767,527,000 2,504,258,000 2,504,258,000 3,464,523,000 887,856,000 2,125,107,000 451,560,000 3,458,548,000 226,160,000 658,019,000 279,400,000 APPENDIX E4 MID-YEAR CENTRAL GOVERNMENT ABSTRACT OF NON-INTEREST CURRENT EXPENDITURE BY CHART OF ACCOUNT Acct Cod Chart of Account 2014 Actual 2015 Budget HY 2014 HY 2015 2015 Revised 626 Transport, Travel & postage 3,575,646,000 4,667,900,000 1,408,115,678 1,804,663,741 4,667,900,000 6261 Local Travel and Subsistence 1,422,287,000 1,831,123,000 592,432,820 661,049,106 1,831,123,000 6262 Overseas
 Conferences and Official Visits 380,100,000 419,500,000 6263 Postage, Telex and Cablegrams 44,750,000 53,968,000 117,069,732 15,859,523 75,747,837 20,289,652 6264 Vehicle Spares and Service 853,866,000 1,017,381,000 329,408,159 422,206,308 6265 Other Transport, Travel and Postage 627 Utility Charges 874,642,000 7,051,233,000 1,345,928,000 4,945,560,000 353,345,444 2,661,646,133 625,370,838 1,019,407,906 6271 Telephone Charges 6272 Electricity Charges 549,317,000 598,096,000 230,781,606 230,470,327 5,703,221,000
 3,534,331,000 2,231,153,916 666,168,456 6273 Water Charges 628 Other Goods and Services Purchases 798,696,000 6,389,980,000 813,133,000 8,627,506,000 199,710,611 2,584,785,796 122,769,123 2,950,932,157 6281 Security Services 6282 Equipment Maintenance 3,122,048,000 3,609,787,000 1,348,693,245 1,411,437,930 1,079,024,000 1,140,808,000 458,132,732 436,974,135 6283 Cleaning and Extermination Services 411,962,000 413,529,000 138,262,418 159,807,693 6284 Other 629 Other Operational Expenses 1,776,945,000 6,209,613,000 3,463,382,000 7,477,082,000 639,697,401 2,321,398,485 942,712,399 3,124,824,208 6291 National and Other Events 477,984,000 610,325,000 209,525,594 197,263,961 6292 Dietary 6293 Refreshment and Meals 3,651,323,000 4,000,934,000 1,186,526,870 1,404,990,223 226,895,000 351,457,000 83,109,270 183,069,723 6294 Other 630 Education Subvention and Training 1,853,411,000 5,855,465,000 2,514,366,000 5,158,317,000 842,236,751 1,681,738,993 1,339,500,301 1,579,915,942 6301 Education Subventions and Grants 3,516,377,000 2,570,934,000 854,147,438 838,050,395 6302 Training (Including Scholarships) Rates and Taxes and Subventions to Local Authorities 631 6311 Rates and Taxes 6312 Subventions to Local Authorities 2,339,088,000 2,587,383,000 827,591,555 741,865,547 195,585,000 196,326,000 7,063,787 85,163,252 178,153,000 176,740,000 17,432,000 19,586,000 1,978,000 5,085,787 81,084,088 4,079,164 419,500,000 53,968,000 1,017,381,000 1,345,928,000 4,945,560,000 598,096,000
 3,534,331,000 813,133,000 8,627,506,000 3,609,787,000 1,140,808,000 413,529,000 3,463,382,000 7,477,082,000 610,325,000 4,000,934,000 351,457,000 2,514,366,000 5,158,317,000 2,570,934,000 2,587,383,000 196,326,000 176,740,000 19,586,000 632 Subsidies and Contributions to Local & Int Org 24,410,932,000 36,013,441,000 10,668,897,015 10,605,595,672 36,013,441,000 23,401,342,000 34,948,075,000 9,906,003,183 10,359,330,058 34,948,075,000 6321 Subsidies and Contributions to Local Organisations Subsidies and
 Contributions to International 6322 Organisations 633 Refunds of Revenue 6331 Refunds of Revenue 634 Pensions 1,009,591,000 24,228,000 1,065,366,000 24,348,000 762,893,832 902,250 246,265,614 8,867,608 24,228,000 10,811,330,000 24,348,000 10,965,442,000 902,250 4,638,465,728 8,867,608 4,877,400,561 6341 Non-Pensionable Employees 177,926,000 180,000,000 63,247,629 71,728,220 6342 Pension Increases 2,737,850,000 2,700,000,000 1,123,879,599 1,149,562,241 6343 Old Age Pensions and Social Assistance 635 Other Public Debt 6351 Other Public Debt Grand Total 7,895,554,000 8,085,442,000 3,451,338,500 3,656,110,100 - - - - - - - - 127,494,092,000 146,645,017,000 53,970,997,986 55,154,692,915 146,645,017,000 1,065,366,000 24,348,000 24,348,000 10,965,442,000 180,000,000 2,700,000,000 8,085,442,000 - - Figures: G$ Source: Ministry of Finance 40 Mid-Year Report 2015 Central Government Abstract of Non-Interest Current Expenditure by Chart of Account APPENDIX E5 NON-INTEREST CURRENT EXPENDITURE BY AGENCY Agency 2014 Actuals 2015 Budget 2014 HY 2015 HY Office of the President Ministry of the Presidency Office of the Prime Minister Ministry of Finance Ministry of Foreign Affairs Parliament Office Office of the Auditor General Public and Police Service Commission Teaching Service Commission Guyana Elections Commission Ministry of Regional Development Local Government & Public Service Ministry Ministry of Amerindian Affairs Ministry of Indigenous People's Affairs 2,179,318 1,458,444 980,308
 949,971 - 1,722,417 - - - 302,196 - - Ministry of Agriculture 10,793,436 16,553,023 4,873,133 5,717,767 Ministry Commerce of Tourism, Industry & 670,547 450,749
 303,914 294,063 Ministry of Tourism Ministry of Business - - 164,491 213,124 - - - - Ministry Environment of Natural Resources & 659,837 481,506 293,814 327,513 Ministry of Public Works Ministry of Public Infrastructure Ministry of Education Ministry of Culture, Youth & Sport Ministry of Education Ministry of Housing & Water Ministry of Communities 2,496,992 1,761,200 846,267 1,127,415 - 2,677,354 - 11,568,686 6,042,308 3,949,774 3,983,486 1,543,580 983,009 615,998 626,695 - 6,226,280 - 513,184 263,257 245,996 45,368 - 380,623 - - Georgetown Public Hospital Corporation 5,289,270 3,951,460 2,385,525 2,640,548 Ministry of Health 8,814,025 6,532,226 4,774,920 3,760,217 Figures: G$'000 Source: Ministry of Finance 41 Mid-Year Report 2015 Non-Interest Current Expenditure by Agency APPENDIX E5 NON-INTEREST CURRENT EXPENDITURE BY AGENCY Agency Ministry of Public Health 2014 Actuals 2015 Budget 2014 HY 2015 HY - 5,338,688 - - Ministry of Labour, Human Services & Social Security 9,507,973 5,972,798 4,105,630 4,304,108 Ministry of Social Protection Ministry of Home Affairs Ministry of Public Security Ministry of Legal Affairs Guyana Defence Force Supreme Court Public Prosecutions Office of the Ombudsman Public Service Appellate Tribunal Ethnic Relations Commission Judicial Service Commission Rights Commissions of Guyana Public Procurement Commission Region 1: Barima / Waini Region 2: Pomeroon / Supenaam - 3,952,147 - - 9,450,334 7,530,125 4,579,624 5,403,455 - 3,699,599 - -
 Region 3: Essequibo Islands / West Demerara 2,961,755 3,401,268 1,331,377 1,387,475 Region 4: Demerara / Mahaica Region 5: Mahaica / Berbice Region 6: East Berbice / Corentyne Region 7: Cuyuni / Mazaruni Region 8: Pataro /
 Siparuni Region 9: Upper Takatu / Upper Essequibo Region 10: Upper Demerara / Upper Berbice 3,385,844 3,908,559 1,488,534 1,533,979 1,692,312 1,875,955 779,657 831,648 4,100,182 4,649,720 1,802,898 1,879,010 1,495,908 1,680,972 633,983 657,953 769,144 862,272 277,915 300,912 1,137,894 1,227,679 435,396 480,776 1,991,037 2,439,880 880,994 887,483 GRAND TOTAL 127,494,093 146,645,018 53,970,998 55,154,693 Figures: G$'000 Source: Ministry of Finance 42 Mid-Year Report 2015 Non-Interest Current Expenditure by Agency APPENDIX E6 NON-INTEREST CURRENT EXPENDITURE BY SECTOR Sector 2014 Actuals 2015 Budget 2014 HY 2015 HY GENERAL ADMINISTRATION SECTOR Office of the President Ministry of the Presidency Office of the Prime Minister Ministry of Finance Ministry of Foreign Affairs Parliament Office Office of the Auditor General Public Commission and Police Service Teaching Service Commission Guyana Elections Commission Ministry of Local Government & Regional Development Public Service Ministry Ministry of Amerindian Affairs Ministry of Affairs Indigenous People's Public Procurement Commission ECONOMIC SERVICES SECTOR Ministry of Agriculture Ministry of Tourism, Commerce Industry & Ministry of Tourism Ministry of Business Ministry of Natural Resources & Environment INFRASTRUCTURE SECTOR Ministry of Public Works Ministry of Public Infrastructure 35,867,473 37,869,497 13,329,563 12,404,606 2,179,318 1,458,444 980,308 949,971 - 1,722,417 - - 273,520 267,980 93,265 77,821 25,155,465
- - - 302,196 - - 1 12,123,820 17,862,893 5,470,861 6,339,343 10,793,436 16,553,023 4,873,133 5,717,767 670,547 450,749 303,914 294,063 - - 164,491 213,124 - - - - 659,837 481,506 293,814 327,513 2,496,992
 4,438,554 846,267 1,127,415 2,496,992 1,761,200 846,267 1,127,415 - 2,677,354 - - SOCIAL SERVICES SECTOR 18,914,720 17,846,937 7,197,293 7,296,097 Ministry of Education Ministry of Culture, Youth & Sport Ministry of Education Ministry of Housing & Water Ministry of Communities Georgetown Corporation Public Hospital 11,568,686 6,042,308 3,949,774 3,983,486 1,543,580 983,009 615,998 626,695 - 6,226,280 - - 513,184 263,257 245,996 45,368 - 380,623 - - 5,289,270 3,951,460 2,385,525 2,640,548 Figures: G$'000 Source: Ministry of Finance 43 Mid-Year Report 2015 Non-Interest Current Expenditure by Sector APPENDIX E6 NON-INTEREST CURRENT EXPENDITURE BY SECTOR Sector 2014 Actuals 2015 Budget 2014 HY 2015 HY SOCIAL SERVICES SECTOR Ministry of Health Ministry of Public Health Ministry of Labour, Human Services & Social Security Ministry of Social Protection Ethnic Relations Commission Rights Commissions of Guyana PUBLIC SAFETY SECTOR Ministry of Home Affairs Ministry of Public Security Ministry of Legal Affairs Guyana Defence Force Supreme Court Public Prosecutions Office of the Ombudsman Public Service Appellate Tribunal Judicial Service Commission REGIONAL SECTOR DEVELOPMENT Region 1: Barima / Waini Region 2: Pomeroon / Supenaam Region 3: Essequibo Islands / West Demerara Region 4: Demerara / Mahaica Region 5: Mahaica / Berbice Region 6: East Berbice / Corentyne Region 7: Cuyuni / Mazaruni Region 8: Pataro / Siparuni Region 9: Upper Takatu / Upper Essequibo Region 10:
 Upper Demerara / Upper Berbice GRAND TOTAL 18,321,998 21,859,125 8,814,025 6,532,226 8,880,550 4,774,920 8,064,324 3,760,217 - 5,338,688 - - 9,507,973 5,972,798 4,105,630 4,304,108 - 3,952,147 - - 27,596 35,670 18,452,448 22,357,371 8,851,457 10,274,405 9,450,334 7,530,125 4,579,624 5,403,455 - 3,699,599 - - 275,313 916,766 141,126 114,054 7,391,511 8,609,057 3,552,724 4,165,184 1,193,429 1,413,645 516,556 525,515 105,956 131,014 51,487 52,649 33,618 39,355 9,227 12,961 2,287 15,470 713 586 2,340 21,316,643
- - - - 1,991,037 127,494,094 2,439,880 146,645,018 880,994 53,970,998 887,483 55,154,693 Figures: G$'000 Source: Ministry of Finance 44 Mid-Year Report 2015 Non-Interest Current Expenditure by Sector APPENDIX E7 ___________________________________________________________________________ MID-YEAR GOVERNMENT SUMMARY OF CAPITAL EXPENDITURE BY SECTOR AND TYPE OF FINANCING SECTOR AND SOURCE 1.0 Agriculture 1.1 Specific 1.2 Non-Specific 3.0 Fishing 3.1 Specific 3.2 Non-Specific 5.0 Power Generation 5.1 Specific 5.2 Non-Specific 6.0 Manufacturing 6.1 Specific 6.2 Non-Specific 7.0 Construction 7.1 Specific 7.2 Non-Specific 8.0 Transport & Communication 8.1 Specific 8.2 Non-Specific 9.0 Housing 9.1 Specific 9.2 Non-Specific 10.0 Environment and Pure Water 10.1 Specific 10.2 Non-Specific 11.0 Education 11.1 Specific 11.2 Non-Specific 12.0 Health 12.1 Specific 12.2 Non-Specific 13.0 Culture/Youth 13.1 Specific 13.2 Non-Specific National Security and Defence 14.0 14.1 Specific 14.2 Non-Specific Figure: G$m Source: Ministry of Finance 2014 ACTUAL 2015 BUDGET 4,861.460 3,323.999 1,522.988 3,338.472 14.679 0.000 14.679
1,141.249
1,738.620 2,491.940 983.000 1,508.940 1,141.249 54.915 1,086.334 391.746 0.000 391.746 570.900 0.000 570.900 2014 HY HY Mid-Year Report 2015 Summary of Capital Expenditure by Sector and Type of Financing APPENDIX E7 ___________________________________________________________________________ MID-YEAR GOVERNMENT SUMMARY OF CAPITAL EXPENDITURE BY SECTOR AND TYPE OF FINANCING SECTOR AND SOURCE 2014 ACTUAL 2015 BUDGET 2014 HY 2015 HY 15.0 Public Safety 2,197.739 734.979 15.1 Specific 15.2 Non-Specific 16.0 Tourist Development 16.1 Specific 16.2 Non-Specific 17.0 Administration 17.1 Specific 17.2 Non-Specific 18.0 Financial Transfers 17.1 Specific 17.2 Non-Specific 19.0 Social Welfare 19.1 Specific 19.2 Non-Specific 368.647
Overall Total 51,013.620 39,048.621 14,625.009 6,970.568 20.1 Specific 20.2 Non-Specific 14,922.749 15,351.646 5,228.786 2,509.655 36,090.871 23,696.975 9,396.223 4,460.913 Figure: G$m Source: Ministry of Finance 46 Mid-Year Report 2015 Summary of Capital Expenditure by Sector and Type of Financing ACTUAL 2014 BUDGET
 2015 MID-YEAR 2015 APPENDIX E8 DETAILS OF EXPENDITURE : GENERAL SUMMARY BY PROGRAMME 274,897 1,438,896 1,713,793 8,624 2,489,443 4,211,860 - - AGENCY 01 Office of the President 460,692 1,695,954 2,156,646 22,671 1,257,007 3,371,712 377,468 1,066,928 1,444,396 14,048 588,414 2,046,858 011 Administrative Services 74,977 1,208,073 1,283,050 22,671 1,257,007 2,562,728 012 Presidential Advisory 376,850 432,133 808,984 808,984 54,400 311,698 804,221 239,333 858,621 551,031 14,048 013 Defence and National Security 8,864 55,748 64,612 11,370 23,374 34,744 - - 014 Public Policy and Planning 05 Ministry of Presidency 051 Policy Development and Administration 052 Defence and National Security 053 Public Service Management 054 Natural Resource Management 055 Citizenship and Immigration Services - - - - - - - - - - - 167,361 5,610 27,031 41,494 527,825 66,601 323,715 312,693 695,186
 72,211 350,746 354,187 33,401 208,062 241,463 02 Office of the Prime Minister 021 Prime Minister's Secretariat 20,914 20,914 252,606 252,606 273,520 273,520 - 4,112,880 4,386,400 4,112,880 4,386,400 23,411 23,411 244,569 244,569 267,980 267,980 - 8,624 2,310,243 3,014,053 588,414 1,447,035 565,079 34,744 - 70,000 21,000 67,500 20,700 107,079 107,079 142,211 371,746 421,687 262,163 375,059 375,059 03 Ministry of Finance 4,867,176 17,011,125 21,878,301 3,277,164 4,739,877 29,895,342 3,966,851 13,750,984
 17,717,835 3,562,804 3,972,895 25,253,534 031 Policy and Administration 4,511,689 13,191,128 17,702,816 4,723,775 22,426,591 3,585,709 9,828,505 13,414,214 3,954,895 17,369,109 032 Public Financial Management 355,487 3,819,998 4,175,485 3,277,164 16,102 7,468,750 381,142 3,922,479 4,303,621 3,562,804 18,000 7,884,425 04 Ministry of Foreign Affairs 1,488,201 1,880,614 3,368,815 - 78,207 3,447,022 1,611,425 2,303,888 3,915,313 - 86,134 4,001,447 041 Development of Foreign Policy Parliament Office 071 National Assembly 155,171 155,171 787,508 787,508 942,679 372,464 942,679 372,464 66,695 66,695 1,381,837 1,381,837 113,600 113,600 696,761 696,761 810,361 299,624 810,361 299,624 042 Foreign Policy Promotion 043 Development of Foreign Trade Policy 08 Auditor General 081 Office of the Auditor General 09 Public and Police Service Commission 091 Public and Police Service Commission 10 Teaching Service Commission 101 Teaching Service Commission 11 Guyana Elections Commission 111 Elections Commission 112 Elections Administration 32,723 32,723 46,561 46,561 17,473 17,473 23,855 23,855 50,196 50,196 70,416 70,416 621,072 621,072 957,540 1,578,612 957,540 1,578,612 - 330,813 103,836 49,676 177,300 59,210 26,110 142,134 950,079 1,032,756
 950,079 1,032,756 7,096 7,096 10,406 10,406 60,256 60,256 - - 13 Ministry of Local Government 103,359 227,454 131 Main Office 132 Ministry Administration 133 Regional Administration 14 Public Service Ministry 141 Public Service Management 44,626 23,567 35,166 82,677 82,677 Figures: G$'000 Source: Ministry of Finance 649,308 649,308 649,308 649,308 23,200 38,447 61,647 14,794 23,200 38,447 61,647 14,794 34,174 34,174 53,247 53,247 87,421 87,421 2,500 2,500 2,294 2,294 59,792 59,792 83,116 83,116 124,501
 1,763,370 484,664 5,169,896 5,654,560 124,501 1,763,370 484,664 2,823,192 3,307,856 - - - - - - 1,109,985 1,109,985 649,308 649,308 76,441 76,441 95,515 95,515 235,809 5,924,825 14,938 220,871 3,357,250 2,567,575 - - 227,831 72,963 30,668 124,200 715,043 715,043 8,094 8,094 34,456 34,456 - - E M P L O C Y O M S E T N S T 258,962 39,109 211,783 8,070 680,473 505,572 171,738 939,435 544,681 383,521 3,163 11,234 10,536 557,955 1,496,692 557,955 1,102,636 10,536 394,056 - - - - - - - 66,191 66,191 77,821 77,821 4,360,718 4,599,928 1,531,557 2,979,605 3,036,199 1,381,113 1,563,730 1,531,557 810,785 1,573,235 - 260,307 546,039 353,614 1,203,777 4,440 15,844 - - - - - - 10,777 10,777 88,598 88,598 - - 20,329
215,611 587,139 1,635,054 1,635,054 92,460 20,329 7,989 64,142 362,535 362,535 150,880 48,227 19,994 82,658 401,846 401,846 10,149 10,149 5,969 5,969 25,371 25,371 - - - - 33,269 33,269 38,025 38,025 151,107 2,398,671 151,107 763,617 1,635,054 - - 150,880 48,227 19,994 82,658 401,846 401,846 Mid-Year Report 2015 Details of Expenditure: General Summary by Programme 11,629 11,629 239,210 56,593 182,617 762,450 93,307 657,739 11,405 85,379 85,379 17,516 17,516 25,644 25,644 371,528 371,528 58,420 27,898 12,006 18,516 39,311 39,311 ACTUAL 2014 BUDGET 2015
 MID-YEAR 2015 APPENDIX E8 DETAILS OF EXPENDITURE : GENERAL SUMMARY BY PROGRAMME 115,930 115,930 318,731 318,731 434,661 434,661 - - - - 1,142,082 1,576,743 1,142,082 1,576,743 - - - E M P L O C Y O M S E T N S T 80,852 80,852 48,176 48,176 278,516 278,516 254,020 254,020 359,368 359,368 302,196 302,196 21 Ministry of Agriculture 501,716 10,291,720 10,793,436 356,450 9,882,224 10,238,673 AGENCY 16 Ministry of Amerindian Affairs 161 Amerindian Development 17 Ministry of Indigenous People's Affairs 161 Amerindian Development 211 Ministry Administration 212 Crops and Livestock Support Services 213 Fisheries 214 Hydrometeorological Services 23 Ministry of Tourism, Industry and Commerce 231 Main Office 232 Ministry Administration 233 Commerce, Industry and Consumer Affairs 22 Ministry of Tourism 221 Policy Development and Administration 222 Tourism Development 223 Commerce, Industry and Consumer Affairs 25 Ministry of
 Business 251 Policy Development and Administration 252 Business Development, Support and Promotion 24 Ministry of Natural Resources and the Environment 241 Ministry Administration 242 Natural Resource Management 243 Environmental Management 62,486 82,780 60,759 348,737 - 123,245 431,517 670,547 499,475 66,624 556,643 433,648 45,344 77,652 104,449 - - - - - - - - - 113,904 65,827 21,280 26,797 - - 55,412 55,412 604,425 61,844 119,490 423,091 659,837 117,256 119,490 423,091 31 Ministry of Public Works
 592,282 1,904,710 2,496,992 311 Ministry Administration 66,261 552,189 618,450 312 Public Works 313 Transport 523,730 1,288,200 1,811,930 2,291 64,322 66,613 32 Ministry of Public Infrastructure 321 Policy Development and Administration 322 Public Works 323 Transport - - - - - - 41 Ministry of Education 3,629,593 7,939,093 11,568,686 411 Main Office 412 National Education Policy -- Imple and Sup 413 Ministry Administration 414 Training and Development 62,267 382,987 445,254 130,406 256,163 326,027 94,666 225,072 2,147,804 2,403,968 733,233 1,059,260 415 Education Delivery 2,854,729 4,580,401 7,435,131 44 Ministry of Culture, Youth and Sport 441 Ministry Administration 442 Culture 443 Youth Figures: G$'000 Source: Ministry of Finance 455,474 1,088,107 1,543,580 108,753 132,451 200,520 79,846 437,425 319,266 188,600 569,876 519,786 D U T I T T O O T U R A R E Y L - - - - - - - - - - - 4,662,147 15,455,583 628,684 15,924,339 16,553,023 2,782,324 13,020,997 467,651 15,488,449 15,956,100 1,837,232 1,837,232 14,679 27,912 137,924 459,429 671,476 1,342,023 41,554 13,179 541,029 79,803 616,743 721,192 - - - - - - - - - 66,389 94,644 90,624 52,856 16,960 20,808 14,953 11,949 3,004 60,987 374,903 360,125 287,696 22,548 - 375,462
- - - - - 55,596
U U T T T T T A E A E A R E L D L R E D L - - 481,506 135,147 78,376 267,983 3,465,699 5,226,899 426,681 3,391,201 4,706,552 74,498 93,666 D U T I T T O O T U R A R E Y L - - - - - - - - - - - E M P L O C Y O M S E T N S T 61,355 61,355 - 120,643 120,643 - 181,998 181,998 - - 299,541 221,364 5,418,226 5,717,767 5,331,807 5,553,171 31,391 46,785 67,242 38,872 12,938 15,433 - - 41,324 41,324 299,255 35,464 262,868 923 12,173 74,247 226,821 179,818 12,874 - 43,564 121,032 294,063 218,690 25,812 34,128 49,562 - - - - - - - - - 286,189 327,513 13,591 58,782 54,915 58,782 213,816 213,816 828,160 1,127,415 241,430 578,846 7,884 276,894 841,714 8,807 D U T I T T O O T U R A R E Y L - - - - - - - - - - - U U T T T T T A E A E A R E L D L R E D L - - 181,998 181,998 - - 1,228,351 6,946,118 785,516 6,338,687 442,835 123,889 123,889 - - - 442,835 43,564
 121,032 417,952 218,690 25,812 173,451 - - - - - - - 327,513 54,915 58,782 213,816 2,801,404 3,928,819 276,894 2,726,906 3,568,620 74,498 83,305 - - - - - 283,211 4,266,697 225,605 96,979 632,909 392,113 2,484 280,727 2,919,091 94,459 16,732 721,154 79,711 228,172 220,333 9,843,290 12,520,644 - - 1,221,981 8,332,982 288,327 2,729,246 9,454,605 336,793 - - - - 582,275 6,624,583 1,888,254 2,095,232 3,983,486 371,066 151,405 999,724 696,484 2,484 39,636 71,601 133,169 156,118 185,969 225,605 25,378 499,741
Mid-Year Report 2015 Details of Expenditure: General Summary by Programme ACTUAL 2014 BUDGET 2015 MID-YEAR 2015 APPENDIX E8 DETAILS OF EXPENDITURE : GENERAL SUMMARY BY PROGRAMME AGENCY 444 Sport 13,749 251,569 265,318 725,000 990,318 11,939 171,012 182,951 77,730 260,681 8,189 107,023 115,212 77,727 192,939 - - 40 Ministry of Education 401 Policy Development and
 Administration 402 Training and Development 403 Nursery Education 404 Primary Education 405 Secondary Education 406 Post-Secondary/Tertiary Education 407 Cultural Preservation and Conservation 408 Youth - - - - - - - 45 Ministry Housing and Water 451 Housing and Water 48,047 48,047 465,137 465,137 513,184 513,184 42 Ministry of Communities 421 Sustainable Communities Management 421 Sustainable Communities Development - - - - - 46 Georgetown Public Hospital Corporation 2,432,182 2,857,088 5,289,270 461 Public
 Hospital 2,432,182 2,857,088 5,289,270 47 Ministry of Health 3,483,474 5,330,552 8,814,025 471 Ministry Administration 472 Diseases Control 249,846 168,423 592,966 816,121 842,812 984,544 473 Primary Health Care Services 474 Regional and Clinical Services 142,723 471,782 614,506 2,605,323 2,531,450 5,136,773 475 Health Sciences Education 476 Standards and Technical Services 477 Rehabilitation Services 87,918 380,152 468,070 94,137 135,104 417,467 120,613 511,603 255,717 43 Ministry of Public Health 431 Policy Development and Administration 432 Diseases Control 433 Family Health Care Services 434 Regional and Clinical Services 435 Health Sciences Education 436 Standards and Technical Services 437 Disability and Rehabilitation Services 48 Ministry of Labour, Human Services and Social Sec.
481 Strategic Planning, Admin and Human Srvs 482 Social Services 483 Labour Administration 484 Child Care and Protection - - - - - - - - - - 634,685 8,873,287 9,507,973 122,139 263,429 97,279 151,838 84,903 207,042 8,306,220 8,569,649 281,832 200,332 379,111 352,171 49 Ministry of Social Protection - - 491 Strategic Planning, Admin and Human Srvs 492 Social Services 493 Labour Administration Figures: G$'000 Source: Ministry of Finance - - - - - - - - - - - - 1,730,153 4,496,127 6,226,280 - 1,648,360 7,874,640 - - 332,546 271,215 603,761 17,000 620,761 - - - - - - - - - - - - - 256,120 102,000 97,974 412,694 689,537 22,800 50,235 1,071,681 891,274 1,350,512 1,762,682 1,831,096 232,991 113,643 - - - - - - - - - - - 2,059,371 2,322,628 2,059,371 2,322,628 24,608 24,608 20,760 20,760 45,368
 45,368 4,284,481 4,665,104 - - 630,557 795,444 3,653,924 3,869,660 - - - - - - - - - - - 1,371,814 3,966,874 5,338,688 - 648,904
 5,987,592 - - - - - - - - - - 150,897 9,658,870 479,576 5,493,222 5,972,798 62,170 33,572 38,444 16,711 269,212 8,603,221 417,555 368,882 71,562 47,740 119,302 201,677 5,193,257 5,394,934 87,419 118,918 118,063 134,162 205,482 253,080 - - - - - - - - 228,117 3,724,030 3,952,147 42,187 80,081 44,489 55,082 97,269 3,378,023 3,458,104 177,586 222,075 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,643,854 1,689,222 1,643,854 1,689,222 - - - - - 2,640,548 2,640,548 20,016 3,780,233 271,838 216,694 177,750 19,143 2,751,757 873 174,728 89,879 97,587 - - - - - - - - - 702 4,304,810 86,370 3,917,713 146,609 154,118 - - - - 702 - - 49 Mid-Year Report 2015 Details of Expenditure: General Summary by Programme ACTUAL 2014 BUDGET 2015 MID-YEAR 2015 APPENDIX E8 DETAILS OF EXPENDITURE : GENERAL SUMMARY BY PROGRAMME AGENCY 494 Child Care and Protection R
P E C O P N U D R R I T I T R A O U E T T N E A R T D L E - T
- - 61,360 113,339 174,699 31,300 205,999 - - - - 51 Ministry of Home Affairs 5,623,654 3,811,101 9,434,755 15,579 2,217,932 11,668,266 4,598,591 2,911,817 7,510,408 19,717 56,752 7,586,877 3,267,275 2,125,635 5,392,909 10,546 29,290 5,432,745 511 Secretariat Services 248,847 272,189 521,036 512 Guyana Police Force 4,284,404 2,525,345 6,809,750 2,107 513 Guyana Prison Service Police Complaints Authority - - 515 Guyana Fire Service 426,434 246,391 516 General Register Offices 517 Customs Anti Narcotics Unit 86,042 29,561 88,301 36,883 672,825 174,342 66,444 - - 54 Ministry of Public Security 541 Policy Development and Administration 542 Police Force 543
 Prison Service 544 Police Complaints Authority 545 Fire Service 546 Customs Anti-Narcotics Unit - - - - - - - 52 Ministry of Legal Affairs 521 Main Office 522 Ministry Administration 523 Attorney General's Chambers 524 State Solicitor 525 Deeds Registry 210,755 15,687 27,091 127,040 21,380 19,556 64,558 5,293 22,053 23,206 5,417 8,589 275,313 20,981 49,144 150,247 26,797 28,145 53 Guyana Defence Force 3,442,920 3,948,591 7,391,511 - - - 406,292 1,079,117 393,122 146,653 180,340 72,983 56,684 39,240 44,554
 26,985 539,775 101,238 66,225 5,998 6,539 - - - - - - - - - 653,356 8,044,867 4,116,228 4,492,829 8,609,057 60,440 391,320 101,003 1,200 132,064 297,267 2,979,130 516,114 15,135 477,906 100,074 20,534 937,300 20,100 434 28,657 65,328 816,989 26,326 - - - - - - - - 98,235 8,533 11,574 67,457 10,670 15,819 114,054 1,030 6,551 7,051 1,187 9,564 18,125 74,508 11,857 - 652,764 12,481 373,756 65,502 42,652 - - - - - - - 114,054 9,564 18,125 74,508 11,857 - 4,165,184 4,165,184 543,928 534,355 9,573 52,649 52,649 12,961 12,961 586 586 - - - - 10,471 10,471 8,689 8,689 - - - - 18,413 8,840 9,573 - - - Mid-Year Report 2015 Details of Expenditure: General Summary by Programme - - - 13,570 13,570 11,056 11,056 - 536,400 9,145,457 2,056,736 2,108,448 4,165,184 536,400 9,145,457 2,056,736 2,108,448 4,165,184 - 525,515 525,515 37,068 37,068 2,979 2,979 501 501 5,111 5,111 1,292 1,292 85 85 525,515 525,515 - 42,179 42,179 4,272 4,272 586 586 32,053 32,053 - - - - - 1,445,698 1,445,698 - 131,014 131,014 39,355 39,355 15,470 15,470 27,596 27,596 2,340 2,340 35,670 35,670 531 Defence Headquarters 3,442,920 3,948,591 7,391,511 653,356 8,044,867 4,116,228 4,492,829
 8,609,057 55 Supreme Court 163,334 917,971 1,081,304 112,125 105,259 1,298,688 - 1,413,645 1,413,645 551 Supreme Court of Judicature 552 Magistracy 56 Public Prosecutions 561 Public Prosecutions 57 Office of the Ombudsman 571 Ombudsman 58 Public Service Appellate Tribunal 581 Public Service Appellate Tribunal 59 Ethnic Relations Commission Ethnic Relations Commission 60 Judicial Service Commission 601 Judicial Service Commission 61 Rights Commissions of Guyana 611 Rights Commissions of Guyana Figures:
 G$'000 Source: Ministry of Finance 73,691 89,643 63,905 63,905 4,663 4,663 1,127 1,127 890,593 27,378 964,284 117,021 112,125 43,297 61,962 1,119,705 178,983 23,914 23,914 13,770 13,770 1,160 1,160 18,137 18,137 15,186 15,186 - 87,819 87,819 18,432 18,432 2,287 2,287 4,984 4,984 - 3,322 3,322 110,940 110,940 33,618 33,618 5,609 5,609 48,698 48,698 3,728 3,728 579 579 1,413,645 1,413,645 - 117,444 117,444 28,299 28,299 15,470 15,470 27,596 27,596 2,340 2,340 68,746 68,746 24,571 24,571 14,891 14,891 27,596 27,596 2,340 2,340 35,670 35,670 35,670 35,670 50 ACTUAL 2014 BUDGET 2015 MID-YEAR 2015 APPENDIX E8 DETAILS OF EXPENDITURE : GENERAL SUMMARY BY PROGRAMME AGENCY I
62 Public Procurement Commission 621 Public Procurement Commission 71 Region 1: Barima/Waini 711 Regional Administration and Finance 712 Public Works 713 Education Delivery 714 Health Services 72 Region 2: Poomeroon/Supernaam 721 Regional Administration and Finance 722 Agriculture 723 Public Works 724 Education Delivery 725 Health Services 73 Region 3: Essequibo Islands/ West Demerara 731 Regional Administration and Finance 732 Agriculture 733 Public Works 734 Education Delivery 735 Health
 Services .. 62,942 178,977 63,444 331,721 334,725 153,090 235,811 81,085 1,810,029 681,739 74 Region 4: Demerara/Mahaica 741 Regional Administration and Finance 742 Agriculture 743 Public Works 744 Education Delivery 745 Health Services 2,356,148 1,029,696 3,385,844 66,282 65,722 20,423 2,064,856 138,866 82,836 166,183 91,244 525,943 163,490 149,118 231,905 111,667 2,590,799 302,356 75 Region 5: Mahaica/Berbice 1,071,515 620,797 1,692,312 751 Regional Administration and Finance 752 Agriculture 753 Public Works 754 Education Delivery 755 Health Services 76 Region 6: East Berbice/ Corentyne 761 Regional Administration and Finance 762 Agriculture 763 Public Works 764 Education Delivery 765 Health Services Region 7: Cuyuni/Mazaruni 771 Regional Administration and Finance 772 Public Works 773 Education Delivery 616,649 879,259 1,495,908 44,623 7,199 415,866 93,776 121,657 489,295
 138,399 128,856 905,160 Figures: G$'000 Source: Ministry of Finance 1 1 1 1 1 1 - - - - - - - 249,442
- - - - - - - 44,597
45,849
D U T I T T O O T U R A R E Y L - - - - - - - U U T T T T T A E A E A R E L D L R E D L 2,456 620,495 2,456 - - - - - Mid-Year Report 2015 Details of Expenditure: General Summary by Programme ACTUAL 2014 BUDGET 2015 MID-YEAR 2015 APPENDIX E8 DETAILS OF EXPENDITURE : GENERAL SUMMARY BY PROGRAMME AGENCY L
U
774 Health Services 148,961 174,531 323,492 54,984 378,476 163,100 213,333 376,433 45,630 422,063 86,450 59,799 146,248 1,652 147,900 78 Region 8: Potaro/Siparuni 298,690 470,454 769,144 781 Regional Administration and Finance 782 Public Works 783 Education Delivery 784 Health Services 79 Region 9: Upper Takatu/Upper Essequibo 791 Regional Administration and Finance 792 Agriculture 793 Public Works 794 Education Delivery 795 Health Services 80 Region 10: Upper Demerara/Upper Berbice 801 Regional Administration and Finance 802 Public Works 803 Education Delivery 804 Health Services Grand Total - 1,258,814 732,223 1,991,037 63,041 9,441 1,035,024 151,308 42,179,222 - - - - 37,786 10,993 12,406 506,931 134,624 91,842 20,320 101,775 183,720 127,282
 129,628 31,313 114,181 690,651 261,906 275,388 2,266,425 1,519,915 919,965 2,439,880 - - - 33,146
20,664 5,353 5,968 242,496 68,421 669,038 33,146 4,600 544,315 34,012 3,766 6,790 69,610 23,697 54,676 9,119 12,758 312,106 92,118 218,446 887,483 28,614 11,155 61,760 15,755 132,944 677,259 - - - - - - Figures: G$'000 Source: Ministry of Finance 52 Mid-Year Report 2015 Details of Expenditure: General Summary by Programme APPENDIX E9 MID-YEAR CENTRAL GOVERNMENT ABSTRACT OF REVENUE BY HEAD ITEM 2014 ACTUAL 2015 BUDGET 2014 HY 2015 HY 2015 REVISED TOTAL REVENUE 163,012,738 185,102,226 80,158,331 84,417,769 185,102,226 TOTAL CURRENT RECEIPTS 145,725,814 163,651,631 74,228,520 78,338,835 163,651,631 CURRENT RECEIPTS TAXES CUSTOMS AND TRADE TAXES 13,454,797 13,326,261 5,932,291 5,936,070 13,326,261 VALUE-ADDED AND EXCISE TAXES 65,709,487 69,521,458 30,661,938 33,328,279 69,521,458 INTERNAL REVENUE 56,725,399 60,404,787 30,200,929 31,592,738 60,404,787 STAMP DUTIES FEES, FINES, ETC.
618,369 519,573 384,606 215,763 519,573 I II III IV XI FINES, FEES.

ETC.

1,124,422 1,175,059 553,983 535,763 1,175,059 REVENUE FROM PROPERTY AND ENTERPRISE XII INTEREST 2,093 2,179 XIII RENTS, ROYALTIES, ETC.
11,692 12,092 994 3,722 841 5,239 2,179 12,092 XV DIVIDENDS AND TRANSFERS 5,291,516 14,046,034 5,291,516 3,512,731 14,046,034 MISCELLANEOUS RECEIPTS XVI MISCELLANEOUS RECEIPTS 2,788,039 4,644,187 1,198,541 3,211,411 4,644,187 TOTAL CAPITAL RECEIPTS 17,286,924 21,450,594 5,929,811 6,078,934 21,450,594 CAPITAL RECEIPTS XXI MISCELLANEOUS CAPITAL REVENUE 2,364,176 2,489,668 701,025 - 2,489,668 XXII EXTERNAL GRANTS 911,705 4,983,950 203,208 211,849 4,983,950 XXIV EXTERNAL LOANS 14,011,043 13,976,976 5,025,578 5,867,085 13,976,976 Figure: G$'000 Source: Ministry of Finance 53 Mid-Year Report 2015 Central Government Abstract of Revenue by Head APPENDIX E10 MID-YEAR CENTRAL GOVERNMENT TAX REMISSIONS BY CATEGORY ITEM 2014 HY 2015 HY TOTAL TAX REMISSIONS 28,225,537 26,432,984 I II III IV V VI HOSPITALS 123,304 67,143 COMPANIES/BUSINESSES 21,824,958 20,236,999 CHURCHES/CHARITABLE ORGANISATIONS 660,228 1,264,779 PUBLIC OFFICIALS/OFFICERS 727,119 664,453 MINISTRIES OR GOVERNMENT DEPARTMENTS 2,481,491 2,130,307 REMIGRANTS 1,041,678 811,431 VII DIPLOMATS 856,363 634,012 VIII FOREIGN FUNDED PROJECTS 510,396 623,860 Figure: G$'000 Source: Ministry of Finance 54 Mid-Year Report 2015 Central Government Tax Remissions by Category APPENDIX F1 ___________________________________________________________________________ MID-YEAR EXTERNAL DEBT STOCK SUMMARY ITEM 2014 2015 ACTUAL BUDGET 2014 HY 2015 HY 2015 REVISED TOTAL EXTERNAL DEBT 1,216.378 1,252.421 1,226.573 1,220.009 1,252.421 1.0 Multilateral 691.85 717.01 685.95 697.85 IBRD IDA
 IADB CDB CMCF IMF IFAD EEC EIB OPEC FUND CDF 2.0 Bilateral 2.1 Paris Club Creditors: USA -PL 480 UK Canada Germany -KFW Netherlands Denmark Norway Sweden France Japan T&T Russia Italy 476.571
Non-Paris Club Creditors: 470.20 486.79 483.09 470.84 Venezuela Argentina Kuwait Libya China India UAE Bulgaria Serbia 3.0 Private Creditors 3.1 Suppliers 1/ 3.2 Financial Markets/Bonds Notes: 1/ Includes ITT and EPDS Debts 2/ Includes bonds (Ruston Bucyrus_, Lloyds Bank ()/draft), GPL (RBTT Debenture) and Barclays Bank Debts Figure: US$m Source: Ministry of Finance Summary 55 Mid-Year Report 2015 External Debt Stock APPENDIX G1 MID-YEAR EXPENDITURE OF KEY SECTORS SECTOR 2014 Actual 2015 Budget 2014 HY 2015 HY Education 33,088,002,000 33,046,941,000 12,071,651,358 11,668,054,155 Health 20,997,949,284 23,228,614,000 9,180,939,794 8,235,064,045 Agriculture 17,368,950,000
 22,688,149,000 7,593,862,759 6,419,263,319 Infrastructure 18,112,193,000 19,864,340,000 5,387,403,707 4,408,552,872 Housing and Water 6,485,033,000 4,288,222,000 3,150,430,964 1,299,572,096 GRAND TOTAL 96,052,127,284 103,116,266,000 37,384,288,582 32,030,506,487 Figures: G$ Source: Ministry of Finance 56 Mid-Year Report 2015 Expenditure of Key Sectors