Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697744533138.pdf (Guyana)
GUYANA SESSIONAL PAPER NO.

2 OF 2013 TENTH PARLIAMENT OF GUYANA UNDER THE CONSTITUTION OF GUYANA FIRST SESSION 2012 - 2013 MID-YEAR REPORT Honourable Dr. Ashni Kumar Singh, M.P.

Minister of Finance August 30, 2013 ______________________________________________________________________________ TABLE OF CONTENTS 1.

Introduction 2.

Global Economic Developments 3.

Domestic Economic Developments A.

Real Gross Domestic Product and Sectoral Performance B.
Balance of Payments C. Monetary Developments D. Inflation E. Fiscal Position F. Debt G. Key Sector Highlights 4.
Conclusion GDP Growth Rates by Sector Balance of Payments Analytical Summary Appendices A1 B1 C1 Monetary Survey D1 E1 E2 E3 E4 Consumer Price Index Central Government Financial Operations Financial Operations of the Non-Financial Public Sector Public Enterprise Cash Flow Central Government Abstract of Non-Interest Current Expenditure by Chart of Account Central Government Abstract of Revenue by Head Central Government Summary of Capital Expenditure by Sector and Type of Financing External Debt Stock Summary Expenditure of Key Sectors E5 E6 F1 G1 31 33 34 1 3 5 7 8 9 9 11 12 26 27 28 30 1.
Introduction 1.1 The second national budget of Guyana’s Tenth Parliament, Budget 2013, was presented to the National Assembly under the theme Overcoming Challenges Together Accelerating Gains for Guyana.

Budget 2013 reported the achievement in 2012 of a seventh consecutive year of positive growth in the Guyanese economy, reflective of the continued progress made in entrenching diversification in the productive sector.
Notably, this sustained growth performance was achieved in the face of negative growth in key international trading partners, overall lethargic global economic performance, and a Caribbean economy that continues to be buffeted by the prevailing adverse external conditions.
1.2 Notwithstanding the unhelpfulness of the external context, Budget 2013 projected continued growth by the Guyanese economy in 2013, and outlined a comprehensive range of policies, programmes, and projects aimed at sustaining this growth, advancing the agenda for modernising and transforming our country, and improving the lives and circumstances of all Guyanese.
1.3 Significantly, despite the continued authoritativeness of a ruling by the Court that the National Assembly had acted in 2012 outside its constitutional remit in the imposition of cuts to the national budget, Budget 2013 was again subjected to significant Parliamentary reduction of allocations sought, including for several critical infrastructural and social programmes.
1.4 Despite this development, Government proceeded to implement Budget 2013 in an effort to ensure expanded and improved service delivery to the people of Guyana.

Government remains ever mindful of maintaining fiscal and external sustainability while ensuring the achievement of steady progress in the transformation of our country and improvement in the wellbeing of all of the people of Guyana.
1.5 It is against this background that this 2013 Mid Year Report is presented, documenting the continued strong performance of the domestic economy, and projecting that this performance will be sustained through the end of the year.
1.6 In this regard, despite the challenges confronted, the first half of 2013 saw the domestic economy continue to grow, with expansion in real output in a number of key sectors, growth in 1 private sector credit, continued strong inward flows of foreign direct investment, and containment of domestic price inflation.
This sustained strong macroeconomic performance vindicates the policy stance adopted by Government, and is indicative of an environment that is attractive to investors and conducive to long term growth and prosperity.

2 2.

Global Economic Developments 2.1 The global economy commenced 2013 with growth prospects subject to lingering uncertainty, while commodity prices remained unpredictable.

During the first half of the year, new risks to global growth emerged resulting in lower growth projections.
In addition, following a period of calm for over eight months, there was increased volatility of financial markets globally in May and June of this year.

With weaker growth anticipated for the remainder of 2013 in both advanced and key emerging market economies, the global growth projection has been revised down to 3.1 percent.
Contributing factors include infrastructure bottlenecks and other capacity constraints, lower commodity prices and slower external demand growth for emerging market economies, protracted recession in the Euro area and weaker than anticipated expansion in the economy of the United States.

Downside risks continue to dominate this outlook, and a more favourable outturn would be dependent on additional and timely policy action.
In the case of advanced economies, focus on a supportive macroeconomic policy mix combined with credible medium term debt sustainability plans remain critical, while emerging and developing economies require policies aimed at stimulating increased capital investment and accelerated economic activity.

2.2 In the commodity markets, prices continued to fluctuate unpredictably during the first half of 2013 for both fuel and non-fuel commodities.
In the case of oil, the world market price for crude oil moved to just under the symbolic US$100 per barrel to US$99.74 at the end of June compared to US$101.17 at the end of 2012.

Metal prices generally declined during the year, with aluminium ending the half year at US$1,815 per tonne, 13 percent below the price at the end of 2012.
Volatile and downward trending gold prices characterised the first half of the year with gold starting the year at US$1,694 per ounce and plummeting to a low of US$1,192 per ounce by the end of June, but with some evidence of a recovery since then to US$1,408 per ounce in the last week of August.
Food commodity price movements were mixed, with world market sugar prices declining by 11.9 percent to US17 cents per pound in the first half of the year, while rice prices also declined by 3.4 percent to US$546 per tonne at the end of June 2013.
2.3 In regional developments, growth in Latin America and the Caribbean is also projected to slow down to 3 percent which is 0.6 percentage points lower than was projected at the time of Budget 2013, reflecting lower external demand and slower growth in Brazil and Mexico in particular.
3 Meanwhile, the growth projection for the Caribbean remains unchanged at 2 percent for 2013, mainly as a result of continued buoyancy in the sub-region’s commodity based economies, along with some recovery in the service based economies also, the latter partly driven by improvements in the economic situation in the United States.

4 3.

Domestic Economic Developments A.


Real Gross Domestic Product and Sectoral Performance 3.1 Budget 2013 projected an eighth consecutive year of real growth in gross domestic product, a strong sustained performance reflective of the evident benefits of policy initiatives and investments made over the years towards achieving a more diversified and resilient economy.
During the first half of 2013, the domestic economy continued this trend of uninterrupted positive growth, with real GDP expanding by 3.9 percent, within which non-sugar GDP grew by 6 percent.

Given the updated outlook for the various sectors, overall growth for 2013 is now projected at 4.8, while non-sugar growth is projected at 5.8 percent.

3.2 During the first half of 2013, the sugar industry continued to grapple with technical and operational challenges.
The early closure of the first crop at 48,038 tonnes resulted in a 32.5 percent decline on the first crop of 2012.

In light of this poor performance and its direct implications, sugar production is now projected at 190,000 tonnes, which would result in a contraction of 12.9 percent in the industry in the full year.

3.3 The rice sector performed in striking contrast, with a bumper first crop of 263,228 tonnes, representing growth of 25.1 percent over the 2012 first crop.
Continued improvements in yields and expansion in acreage sown contributed in no small way to this highest first crop ever harvested.

In addition, preparations for the second crop started early, aided by favourable weather patterns and it is clear that, barring any unforeseen adverse developments, the original projection of 440,106 tonnes for the full year will be surpassed.

As a result, the sector is now projected to grow by 15.9 percent.
3.4 Production of other crops is steadily maintaining a continuous and consistent growth path with estimated growth of 2 percent in the first half of 2013, similar to the growth achieved in the comparative period last year.

Based on this performance, projected end of year growth is maintained at 4.2 percent.
5 3.5 In the livestock industry, following a significant surge in production in the first half of last year, production tapered somewhat, output is estimated to have grown in the first half by 1.9 percent, and overall growth for the year is now projected at 3 percent.

3.6 The fishing industry recorded an 8.8 percent decline in output during the first half, on which improvement is expected in the second half, but not sufficient to avoid a contraction of 3.2 percent by the end of the year.
3.7 Performance in the forestry sector reflects improved monitoring and enforcement activities and greater cooperation from operators, with timber production up by 40.2 percent over the acknowledged low levels for 2012.

The continuation of such improvement has resulted in a projected lower level of decline of 5.2 percent in value added in the full year.
3.8 Overall, the mining and quarrying industry recorded 17.9 percent growth in the first half of the year, and is now projected to grow by 3.9 percent by the end of the year.

Notwithstanding adverse price developments, gold declarations actually increased in the first half of the year by 26.8 percent to 234,498 ounces from 184,929 ounces.
Given expectations based on investments made in industry capacity in recent years, along with the fact that current price levels still accommodate significant producer profit margin, the budget target of 450,031 ounces is now expected to be significantly surpassed.
In contrast, value added in the bauxite industry declined by 11.2 percent in the first half of the year with lower production recorded in all grades of product, a situation that is expected to reverse itself substantially before the end of the year, while the medium terms prospects of the industry remain bright.
3.9 The manufacturing sector recorded growth of 5.9 percent at the first half with the performance of rice and light manufacturing more than compensating for the contracting of manufacturing activity in sugar.

The sector is now projected to grow by 3.9 percent.

3.10 Value added in the electricity and water sector grew by 5.3 percent, and growth in the sector is now projected at 4 percent for the full year.
Strong growth of 6.6 percent was recorded during the first half of the year in the construction sector.

This was sustained by strong public sector activity in the first half, particularly in road and infrastructural works, combined with private housing construction and private sector construction activities in the business sector which have continued to expand and collectively have resulted in an updated growth projection of 19.1 percent.
Wholesale 6 and retail trade recorded 9 percent growth in the first half, and the end of year target has been revised to 6.9 percent.

In contrast, transportation and storage declined by 8.8 percent, partly as a result of moderated demand for hinterland transport, and the overall growth target for the year is now revised to 3.4 percent.
The performance of the information and communication sector benefitted from the expanded use of digital technology by both individuals and businesses, thereby recording a growth rate of 3.1 percent at the end of June and the full year target is maintained without revision.

The financial and insurance service sector continued to return robust performances with growth of 9.1 percent achieved at the half year, and is now projected to grow by 9.5 percent by the end of the year.
Growth projections for the health and education sectors remain as originally budgeted at 4.4 percent and 3.5 percent, with half year growth of 1.9 percent and 1.4 percent respectively achieved.

B.

Balance of Payments 3.11 The balance of payments registered an overall deficit of US$145.6 million at the end of June 2013.

This is on account of a 14.7 percent expansion in the current account deficit to US$275.5 million, due to lower inflows of current transfers and higher service payments.
The capital account recorded a surplus of US$149 million compared to US$168 million in 2012, aided by continued strong inflows of foreign direct investment.

3.12 Within the current account, total export receipts amounted to US$589.5 million in the first half year, broadly level with the US$582.5 million recorded a year ago.

This outturn is mainly attributed to an expansion in earnings from gold and other exports.
Export earnings from gold increased by 12.2 percent to US$300.8 million, due to a 19.8 percent expansion in export volume to 203,011 ounces outweighing the 6.4 percent contraction in average export prices.

In addition, other non-traditional exports expanded by 0.8 percent to US$89.6 million, on account of increased exports of some agricultural and manufactured categories.
Bauxite export receipts amounted to US$68.9 million, a 13.2 percent decline compared to 2012 due mainly to a 27.6 percent contraction in export volume to 914,637 tonnes.

Rice export earnings amounted to US$83.3 million, a 1.6 percent decline compared to 2012 due to a reduction in volume by 1 percent to 142,283 tonnes notwithstanding the increase in production, coupled with 0.6 percent contraction in average export prices to US$585.2 7 per tonne.
Sugar export earnings totalled US$30.8 million, a 28.4 percent decline compared to last year, mainly attributed to 32.2 percent decline in export volume to 43,605 tonnes.

Timber export earnings amounted to US$16.2 million, a 12.8 percent decline due to a 21.6 percent decline in export volume, notwithstanding increased production and reflecting increased domestic consumption.
3.13 The value of merchandise imports contracted by 5.3 percent to US$907.2 million, on account of lower imports of consumption, intermediate and capital goods.

Imports of consumption goods declined by 3.8 percent to US$201.4 million.

Under the intermediate goods category, fuel imports contracted by 9.6 percent to US$281.6 million, while non-fuel intermediate goods imported increased by 0.2 percent to US$210.5 million on account of higher import levels in food for intermediate use and chemicals.
Imports of capital goods contracted by 5.8 percent to US$208.9 million, notwithstanding increased imports of transport machinery, building materials, and other capital goods.

3.14 Net current transfers declined by 33.6 percent to US$168.5 million due to lower inflows to the private sector in the form of worker remittances and other current transfers.

Net payment of services amounted to US$126.3 million compared to US$119.1 million in the corresponding period in 2012.
3.15 The capital account surplus amounted to US$149 million compared to US$168 million in the first half of 2012, with significant inflows of foreign direct investment being sustained, including in the telecommunication and energy sectors.
C. Monetary Developments 3.16 Broad money contracted marginally by 1 percent to $298.9 billion, due to the decline in narrow money by 11.1 percent as a result of the reduction in currency in circulation and demand deposits while quasi money increased by 5 percent due to an 8.1 percent and a 4.6 percent expansion in time and savings deposits respectively.
3.17 Private sector deposits, which accounted for 73 percent of total deposits at the end of June, grew by 3.7 percent with individual customer deposits growing by 5.4 percent to $194.3 billion while business enterprise deposits declined by 2.6 percent to $47.9 billion.

8 3.18 Net domestic credit by the banking system to the private sector increased by 4.8 percent.
The manufacturing, construction and engineering, mining, and real estate mortgage loans underpinned the private sector expansion with growth of 15.1 percent, 15 percent, 7.5 percent, and 7.4 percent respectively.

3.19 The commercial banks interest rates continued to reflect liquidity conditions, with the prime lending rate remaining stable at 13.83 percent, while the small savings rate declined by 36 basis points to reach 1.33 percent from 1.69 percent at the end of December 2012.
The weighted average lending rate increased by 5 basis points to 11.13 percent.

3.20 The liquid assets of the commercial banks amounted to $121.6 billion, with excess liquid assets amounting to $52.1 billion or 74.9 percent of the required amount, and treasury bills accounted for 64.3 percent of total liquid assets.
D. Inflation 3.21 In the first half of 2013, the domestic consumer price index continued to reflect the result of policy efforts to contain inflation, and by the end of June the index had moved by only 0.2 percent relative to December 2012.

Notwithstanding the modest level of overall price movements in the first half, allowing some room for seasonality and possible imported price pressures, the inflation target of 4.3 percent for the full year is maintained.
E. Fiscal Position 3.22 Central Government revenue totalled $71.7 billion for the first half of 2013, representing a 10.5 percent increase over the corresponding period in 2012, mainly due to robust performance across several tax revenue categories with an overall increase of 10.7 percent in tax revenue to $64.9 billion, while non tax collections increased by 8.6 percent to $6.8 billion.

3.23 Internal revenue collections amounted to $28.9 billion, an increase of 11.7 percent compared to 2012.
This outturn is primarily attributed to a $2.3 billion increase in corporation tax collections from private sector companies reflecting the underlying growth in the economy and improved profit performances in several sectors.

In addition, withholding tax collections increased by $624.1 million, 9 while property tax collections from private sector companies registered an increase of $472.5 million.
On the other hand, personal income tax collections under the Pay As You Earn System (PAYE) contracted by $582.1 million or 7 percent, reflective of the reduction in the PAYE rate from 33⅓ percent to 30 percent as announced in the 2013 Budget.

3.24 Customs and trade tax collections amounted to $5.9 billion, an increase of $186.5 million due primarily to increased import duties.
3.25 Value added tax collections amounted to $17 billion, an increase of 5.6 percent over 2012, driven by an 13.6 percent increase in collections from imports, while collections from domestic supply of goods and services contracted by 3.8 percent.

Excise tax collections recorded a surplus of $2.2 billion or 19.6 percent over 2012 collections, mainly attributed to increased tax collected on petroleum products by $2.2 billion, while collections on motor vehicles declined by $162.7 million.
3.26 Non-tax revenue collections amounted to $6.8 billion, an increase of 8.6 percent compared to 2012 collections.

3.27 Total non-interest current expenditure amounted to $41.9 billion, a decrease of 4.2 percent over the same period in 2012.
Personal emoluments amounted to $17.7 billion, an increase of 11.5 percent, reflecting the 5 percent salary increase which was awarded to teachers, public servants, and members of the disciplinary services during 2012 for that year, the additional 5 percent increase which was paid to teachers in the first half of 2013 for this year in accordance with the applicable multiyear agreement, along with the impact of new recruits.
Other goods and services amounted to $10.1 billion, a decrease of 8.6 percent compared to the same period in 2012, while under the transfer payments category, $14.1 billion was expended, a decrease of 16.1 percent relative to the corresponding period last year, both attributable to timing issues in relation to programme execution.
3.28 Central Government capital expenditure amounted to $10.9 billion compared to $14.5 billion in the corresponding period in 2012, reflecting lower disbursements on the externally financed public sector investment programme on account of project cycle timing issues.

10 3.29 The overall performance of the public enterprises deteriorated to a deficit of $7.5 billion, compared to $2.4 billion in 2012, primarily on account of GUYSUCO’s weaker production and financial performance.
3.30 The non-financial public sector is now targeted to end the year with a deficit of $30.4 billion, equivalent to 4.9 percent of gross domestic product.

F. Debt 3.31 Prudent debt management by Government has ensured the maintenance of Guyana’s public debt at sustainable levels.

As at the end of June 2013, Guyana’s total external public debt stood at US$1.2 billion which reflected a decrease of 8.1 percent relative to the position at the end of 2012.
This decrease in external debt follows the conclusion of the second round of debt compensation with Venezuela that resulted in the reduction of the oil debt owed to that country by US$190.1 million corresponding to the value of rice and paddy shipped under the Guyana-Venezuela Rice Trade Agreement from October 2011 to January 2013.
3.32 As at end June 2013, external debt service payments amounted to US$22 million which represented an increase of 8.3 percent compared to the US$20.4 million made as at June 2012.

The higher total debt service payments for the first half of 2013 are primarily due to higher principal repayments to multilateral creditors.
3.33 On the domestic side, as at the end of June 2013, Guyana's domestic debt stock including non-interest bearing debentures stood at US$661.8 million an increase of 1.2 percent over the position at the end of December 2012.

However, since the non-interest bearing debentures are inter- agency debts, they are cancelled out in the aggregation process to determine the overall domestic public debt.
Accordingly, the adjusted domestic debt stock at the end of June 2013, excluding non- interest bearing debentures, stood at US$470.5 million or 2.9 percent higher than the stock as at the end of 2012.

This increase is primarily due to the new issuance of Treasury bills by the Bank of Guyana.

At the end of June 2013, the stock of Treasury bills amounted to US$449.4 million, an increase of 4.3 percent over the total as at end December 2012.
11 3.34 Domestic debt service payments as at June 2013 totalled US$9.2 million, a reduction of 26.1 percent compared to the US$12.5 million obtained for the same period in 2012.

This overall reduction in domestic debt service payments in the first half of 2013 was mainly attributed to declining interest rates on Treasury bills and lower interest payments on debentures.

G. Key Sector Highlights a.


Education 3.35 Expenditure of $11.1 billion on the education sector as at the end of June 2013, out of the budgeted total of $28.7 billion, reflected Government’s commitment to the continued development of the education sector.

The sector is currently engaged in developing and costing its new strategic plan which is expected to be concluded in 2014.
3.36 Infrastructure investments resulted in $308.8 million expended of the allocated $3 billion, while the majority of works will be done during the July/August holidays.

Site preparation for the Kato Secondary Complex began while the other 7 major infrastructure projects identified in the budget will progress during the second half of the year.

In addition, over 300 schools and educational facilities are slated for maintenance and rehabilitation during the July/August holidays this year.
3.37 The delivery of the National School Feeding Programme benefitted over 65,000 school children while the School Uniform Programme resulted in over 155,000 school uniform vouchers being distributed to the coastal and Upper Mazaruni area.

Additionally, over 29,221 hinterland students will benefit from the distribution of school uniforms.
3.38 Government’s ongoing investment in textbooks will result in the distribution of basic textbooks to every primary school commencing the new school year 2013 - 2014 in the effort to ensure that every child has access to essential learning materials.

3.39 Government’s continued investment in teacher training resulted in an increase in the percentage of trained teachers at all levels.
At the end of June, the percentage of trained teachers in the nursery level was 69 percent compared to 56 percent at the beginning of the strategic plan in 12 2008, 70 percent compared to 58 percent in the primary level, and 64 percent compared to 55 percent in the secondary level, reflecting an improvement over the last 5 years.
Further, 408 graduates of the Associate Degree in Education will enter the school system in September this year while 313 second year students are currently enrolled at the coastal satellite centres.

Work is ongoing to strengthen the design of monitoring and supervision mechanisms within the education system to ensure more effective delivery of education to students.
3.40 Enhancing the capacity for the integration of information and communications technology (ICT) in the delivery of the school curriculum continues with 30 additional computer laboratories completed to date with accommodation for another 18 laboratories slated for completion later this year.

Moreover, 1,300 nursery, primary and secondary school teachers were trained during the first half of the year in the area of ICT, and training will continue during the July/August vacation.

b.
b.

Health 3.41 Government has made significant progress in the development of the sector’s strategic plan to support the achievement of universal healthcare coverage and continued access to modernised and improved healthcare services.

Of a total of $19.2 billion budgeted for 2013, $5.4 billion was spent.

3.42 Of the $2.3 billion budgeted for health infrastructure, $78.3 million has been expended as at midyear.
Works on construction, rehabilitation and maintenance of several healthcare facilities are programmed for execution later in the year.

Given the improved warehouse facility, efforts continue to be focused on the strengthening of the supply chain management system for drugs and medical supplies across the country.

3.43 Of the 278 Cuban trained doctors, approximately 70 will be deployed throughout the system by the end of the third quarter while another 208 will be deployed by the end of the year.
The post graduate programmes currently being offered by the GPHC will result in 12 graduates in 2013.

3.44 In ongoing efforts to address critical communicable diseases, interventions to address malaria included the purchase and distribution of 20,988 bed nets to Regions 1, 7, 8 and 9 while 13 further studies, including a national AIDS spending assessment, are being undertaken in HIV to support a more targeted and sustainable approach in addressing the needs of key at-risk populations.
In the area of non-communicable diseases, with increased expenditure allocations made to this area, work is being undertaken to conduct a costing of chronic non-communicable diseases even as services continue to expand to address the health needs of persons with cardiovascular disease and hypertension, diabetes, cancers and chronic pulmonary disease and mental health.
c. Housing 3.45 In 2013, Government budgeted $3.1 billion for the housing sector of which $1.1 billion was expended to improve the living conditions of citizens by providing access to affordable housing, upgrading infrastructure in housing schemes and the regularisation of squatter settlements.

3.46 Approximately $649.6 million was expended under the 2013 Housing Programme on infrastructural works which contributed significantly to the development of 2,254 new house lots.
3.47 During the period under review, Guyanese benefited from the distribution of 636 house lots and also 1,540 titles were processed.
Additionally, 2 community development plans have been finalised for Tuschen and Ordnance Fort Lands, one One Stop Shop outreach exercise was completed at Enmore, while another 9 One Stop Shop exercises will be carried out in the second half of the year, in areas of Providence, Farm, Prospect, Covent Garden, Onderneeming, Zeelugt, Lust-en-Rust, Zeeburg/De Willem, and Hope/Experiment.

3.48 Under the Low Income Settlement 11 programme, $370.7 million was disbursed.
At the end of the half year, of the 210 core houses targeted for construction, 67 were completed, while another 59 are in progress.

In the area of Home Improvement Subsidies, of the 200 subsidies targeted for distribution for 2013, 52 were disbursed to eligible families, in areas such as Lusignan, Block D Bath, Eliza and Mary and Ankerville, benefitting more than 234 persons and the remainder will be disbursed by year end.
In the Hinterland Housing Pilot, 34 subsidies were disbursed, while another 36 homes have been selected for complete replacement, in areas such as Manawarin, Massara, Kwatamang, Annai, Whitewater, Oronoque and Katoka, benefitting approximately 490 persons 14 directly.

The turnkey housing initiative continued in 2013, with the construction of 48 houses for young professionals.
d. Water 3.49 In the water sector, of a total of $2.7 billion budgeted for the sector in 2013, $455.5 million has been expended in the first half of the year, towards increasing access to quality water supply.

A major component of the programme is the reduction of non-revenue water losses by improvement of collection, metering of customers, reducing leakage in the network and increasing access to treated water.
3.50 To this end, works have commenced on service connections upgrades in Linden, in areas such as Kara Kara, Noitgedacht, Nottinghamshire, Amelia’s Ward, One Mile, Half Mile, Christianburg, Canvas City, West Watooka and Richmond Hill.

Moreover, works on wells at Cotton Tree and Hope are substantially completed.
Construction of wells, service connections upgrades, trestles and upgrading of water treatment plants in areas such as Better Hope-Mon Repos in Region 4 and Port Mourant in Region 6 will be completed by the end of the year.

3.51 Government remains committed to the provision of potable water supply to hinterland communities, which will see upgrades in areas such as Matthews Ridge, Paruima, Akawini, Bamboo Creek, Rupertee and Port Kaituma.
e. Sanitation 3.52 During the first half of 2013, of a total of $600 million budgeted for the year, $238.6 million was expended to continue rehabilitation of sewerage stations in Georgetown, 4 of which were completed at Saffon and Sussex Streets, Russel and Princess Streets, Hadfield and Camp Streets, and Light and Fifth Streets, while works have commenced at another 4 locations.
The energy efficiency pilot project aimed at reducing energy consumption at pumping stations has advanced with the procurement of equipment and commencement of a study.

Also, 730,000 tablets have been distributed to treat filaria and other neglected tropical diseases.

15 3.53 Another $161.2 million was expended to facilitate the procurement of 2 collection trucks, 825 bins and continue infrastructural works on the Haags Bosch Sanitary Landfill.
f. Agriculture 3.54 Government continued its investment in agriculture to ensure food security, promote environment sustainability and create economic opportunities for our people.

With this in mind, during the first half of the year a total of $443.1 million of the $1.9 billion allocation was expended in the agriculture sector to further efforts towards the diversification of the sector.
3.55 In keeping with efforts to enhance the sector’s regulatory framework, draft regulations for fisheries, traceability of both crops and livestock and animal welfare were completed, while final drafts will be completed in the second half of the year.

In the fisheries sector, Guyana is currently working to obtain international certification for sustainable marine fishing practices.

To this end a draft Marine Management Plan was completed which outlines sustainable practices.
Also in the fisheries sector, production for export commenced at the newly established tilapia farms; this project aims at increasing tilapia production for export.

3.56 Progress was made towards the strengthening of infrastructure furthering the diversification of the sector.

To this end, the construction of the Veterinary Diagnostic Laboratory is in progress and additional drainage works at Canals Polder commenced, both of which will be completed in the second half of the year.
In addition, a hatchery to increase the production of ducklings will be acquired in the second half of the year.

With respect to the development of our human resources in order to further enhance the sector, training courses in aquaculture production, seed technology and germplasm development will be conducted in the second half of the year and will benefit over 250 persons.
g. Drainage and Irrigation 3.57 In the first half of 2013, $1.7 billion of the $6.5 billion allocation has been expended to strengthen drainage and irrigation systems.

Construction and rehabilitation works have commenced on pumps and pumps stations in Regions 3, 4, 5 and 6.

Works are also ongoing at the Northern 16 Relief Channel and associated drainage structures, and outfall channels throughout the Regions.
The safety and feasibility analysis of the East Demerara Water Conservancy Dam is set to be completed at the end of the third quarter, as well as the plan for the operation of the conservancy and detailed list of works for improving conservancy flows and discharge.

The analysis for villages along the East Coast of Demerara susceptible to flooding has been completed and recommendations have been made, leading to the designing of pumps and pump stations, which is ongoing.
h. Infrastructure Roads and Bridges 3.58 The sum of $12.6 billion was allocated in 2013 to further improve our roads and bridges network, of this amount $2.8 billion was expended during the first half of the year with $2.5 billion being spent on roads and $306.2 million on bridges.
3.59 The sum of $746.2 million was disbursed towards the completion of the four lane access road to CJIA, the continuation of the East Bank Demerara four lane highway and for the completion of designs and studies for the Sheriff Street to Mandela Avenue roadway, the West Coast Demerara Road from Vreed-en-Hoop to Hydronie, the highway from Better Hope to Golden Grove, the 14 kilometres of farm to market roads at Parika and Ruby, the four lane highway from Diamond to Timehri, the East Bank Berbice Road and Canals Polder Nos.
1 and 2 roads.

Further, a sum of $1.6 billion was expended for the construction, reconstruction, rehabilitation, upgrade and maintenance of rural, community and hinterland roads in all the Regions including the Mabura Hill to Amaila Falls road.

Also, $282.9 million was disbursed for the continued reconstruction and rehabilitation of 20 critical structures from Belladrum to Rosignol.

Discussions continued on options for constructing a new bridge across the Demerara River.
To this end, a draft pre-feasibility study was completed during the first half of the year.

During the second half of the year preparatory works will commence for the design of a parallel secondary road to the East Bank Demerara Highway to ease congestion on the East Bank Highway.

17 Air and River Transport 3.60 During the first half of the year the sum of $11.9 million was spent for the maintenance of our 43 airstrips in Regions 1, 2, 7, 8 and 9.
Also, $62.7 million was expended for the procurement of spares for ships and vessels.

Moreover, preliminary designs for the upgrade, expansion and modernisation of the Cheddi Jagan International Airport were completed, and infrastructural works are scheduled to commence in the second half of the year.

Sea and River Defence 3.61 In the first half of the year $306.9 million was disbursed for the strengthening of our sea and river defences in critical areas in Regions 2 to 7.
In addition, 50,000 mangrove seedlings were replanted and mangroves were restored in Wellington Park, No 6-8 Villages Corentyne, Victoria and Le Ressouvenir/Felicity.

During the second half of the year, replanting of mangrove seedlings will continue in areas such as Devonshire Castle, Lima, La Belle Alliance, Richmond, Anna Regina and Kilmarnock.

i.

Electricity 3.62 Government continues to place keen emphasis on the strengthening of the energy sector.
In the first six months of 2013, a total of $1.7 billion was expended.

This expenditure reflects efforts made to advance works on the installation of the new Wartsila engines at Vreed-en-Hoop, construction and upgrading of 5 substations, upgrading of 1 substation, installation of transmission lines from Sophia to Onverwagt and the frequency conversion programme.

3.63 GPL continues to work on the development of new initiatives aimed at reducing losses.
The rewiring of sections of the distribution network is ongoing, with Cummings Park reconfiguration being completed in the first half of 2013.

As it relates to the remetering programme, the procurement of materials has been completed and works have commenced.

The supply and installation of smart meters, which seek to use modern technology to combat theft, is expected to be completed in the latter half of the year.

18 j.
18 j.

Information and Communication Technology 3.64 The Information and Communication Strategy sector is one of the conduits through which the Government will continue modernisation of the economy, leading to the continued improvements in the wellbeing of all Guyanese.
3.65 In 2013, over $2 billion was allocated to support the acquisition and installation of critical ICT infrastructure, specifically the construction of 54 Long Term Evolution-Advanced (LTE-A) sites which is the latest in 4G wireless technology.

Of this sum, $479.9 million has been expended at the mid-year.

Work has commenced on 25 LTE-A sites in areas including Lusignan, Enmore, Cane Grove, Vigilance, Melanie Damishana, Wales, Helena, Aurora, Suddie, and New Amsterdam.
These towers are located in the main population hubs throughout the country and are designed to provide maximum coverage.

3.66 As it relates to the One Laptop Per Family Programme, 5,500 laptops were distributed in Region 4 during the first half of the year, bringing the total laptops distributed to 32,332.
A total of 20,492 applicants in Regions 2, 3, 5, 6, 7 and 10 have been approved for distribution, which is scheduled to commence in the third quarter and is expected to be completed in the final quarter.

19 4.

Conclusion 4.1 Notwithstanding the persistently adverse external environment, and the domestic challenges encountered, the Guyanese economy continues to return a most commendable performance.
The achievement of real growth in gross domestic product, expansion of private sector credit, containment of inflation and of the fiscal deficit, reduction of public sector debt, are all noteworthy manifestations of the results of sound economic policies implemented over a sustained number of years.

This report documents those economic achievements.

4.2 These achievements redound to the benefit of all Guyanese.
For this reason, it remains critical that all stakeholders ensure the preservation of the environment that is required for growth and development to be sustained in Guyana.
20 APPENDICES APPENDIX A1 MID-YEAR GDP GROWTH RATES BY SECTOR ITEM 2012 ACTUAL 2013 BUDGET 2012 2013 H1 H1 2013 REVISED 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 3.7 -7.8 5.0 5.3 14.4 15.5 -4.3 14.8 12.5 20.8 3.7 10.1 4.3 4.2 4.0 2.0 -5.6 3.0 6.5 2.6 -0.4 -33.4 1.1 2.0 18.3 21.3 -10.3 17.2 41.9 13.2 4.0 -32.5 25.1 2.0 1.9 -8.8 53.2 17.9 -11.2 26.8 -14.6 -0.2 6.0 16.1 2.4 -7.8 5.0 4.2 5.7 -11.0 6.7 18.9 4.2 13.8 1.4 2.2 3.1 4.5 4.0 4.8 6.0 4.4 10.1 4.3 3.0 4.0 10.0 6.5 7.8 4.5 12.0 0.0 3.5 4.4 4.0 8.0 5.3 5.0 -2.2 5.9 -33.4 -32.5 1.4 3.0 10.5 -5.8 11.6 18.2 3.0 10.0 0.0 1.2 2.4 1.0 3.5 3.6 7.1 25.1 2.5 5.3 6.6 9.0 -8.8 3.1 9.1 0.0 1.4 1.9 1.2 3.4 3.9 6.0 0.0 -12.9 15.9 4.2 3.0 -3.2 -5.2 3.9 1.0 4.9 1.6 3.9 -12.9 15.9 3.0 4.0 19.1 6.9 3.4 4.5 9.5 0.0 3.5 4.4 4.0 8.0 4.8 5.8 Source: Bureau of Statistics 21 Mid-Year Report 2013 GDP Growth Rates by Sector APPENDIX B1 MID-YEAR BALANCE OF PAYMENTS ANALYTICAL SUMMARY ITEM 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 2013 REVISED A Current Account (415.1) (451.9) 1.0 2.0 3.0 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 Services (Net) 2.1 Factor 2.2 Non Factor (Net) Transfers 3.1 Official 3.2 Private B Capital Account 1.0 2.0 Capital Transfers 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 1.0 2.0 3.0 Errors and Ommissions OVERALL BALANCE Financing Bank of Guyana net foreign assets Change in Non-Financial Public Sector Arrears Exceptional Financing 3.1 Debt Relief 3.2 Balance of Payments Support 3.3 Debt Forgiveness 3.4 Debt Stock Restructuring (600.4) 1,396.4 150.8 132.1 196.2 716.9 39.0 139.8 21.4 (1,996.7) (638.0) (1,358.7) (233.9) (1.2) (232.7) 419.2 419.2 428.5 29.3 464.1 90.4 302.1 (58.7) (153.1) 373.7 (65.0) (1.0) 12.4 (12.4) (55.0) - 42.6 3.3 40.2 (1.0) (663.0) 1,492.4 173.8 145.3 219.7 741.6 35.2 147.3 29.6 (2,155.3) (659.8) (1,495.5) (239.4) (17.5) (221.9) 450.4 450.4 509.5 24.2 525.7 130.5 289.6 (61.1) (98.0) 395.2 (40.3) - 57.6 (57.6) (114.1) - 56.5 15.0 42.5 (1.0) (240.3) (375.1) 582.5 79.4 43.0 84.6 268.0 18.6 74.9 14.0 (957.6) (311.6) (645.9) (119.1) (10.4) (108.7) 253.9 253.9 168.0 15.9 168.4 (3.5) 103.6 (27.7) (79.4) 171.9 (16.3) 21.7 (50.5) 50.5 30.4 - 20.1 1.7 18.9 (0.5) (275.5) (317.7) 589.5 68.9 30.8 83.3 300.8 16.2 83.8 5.9 (907.2) (281.6) (625.6) (126.3) 6.9 (133.3) 168.5 168.5 149.0 2.7 110.6 (8.6) 86.2 (28.8) (65.9) 119.2 35.7 (19.1) (145.6) 145.6 123.9 - 21.7 1.4 20.8 (0.5) (408.5) (627.8) 1,449.0 173.8 132.5 230.7 709.0 30.2 147.3 25.6 (2,076.8) (675.8) (1,401.0) (231.1) 16.9 (248.0) 450.4 450.4 439.4 21.3 478.4 114.6 292.1 (61.1) (116.4) 363.8 (60.4) 0.0 30.9 (30.9) (88.2) - 57.3 14.8 43.5 (1.0) Figures: US$m Source: Bank of Guyana 22 Mid-Year Report 2013 Balance of Payments Analytical Summary APPENDIX C1 MID-YEAR MONETARY SURVEY 2012 December 2012 H1 2013 H1 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 Electricity 2.2.5 Construction and Engineering 2.2.6 Distribution 2.2.7 Personal 2.2.8 Mining & Quarrying 2.2.9 Other Services 2.2.10 Real Est.

Mortg.

loans 2.2.11 Other 2.3 Financial Insts.
3.0 Foreign Assets (Net) 3.1 Assets 3.2 Liabilities 4.0 Other Items (Net) 301,834.1 112,418.6 60,331.6 52,087.0 189,415.6 22,471.3 166,944.3 99,004.0 (44,890.4) (623.9) (30,665.3) (13,601.2) 161,644.0 11,331.7 9,667.3 3,317.6 172.5 9,056.4 26,398.6 25,065.3 4,247.4 17,683.9 48,471.1 6,232.2 (17,749.6) 214,332.1 240,410.0 (26,077.9) (11,502.0) 280,089.4 93,295.0 52,234.4 41,060.6 186,794.4 24,298.9 162,495.5 107,694.7 (21,484.2) 11,180.6 (21,691.3) (10,973.5) 145,349.4 10,956.0 8,172.0 2,521.6 140.7 9,001.6 22,345.6 23,955.1 3,525.0 15,750.6 42,451.2 6,530.0 298,881.2 99,964.6 54,006.8 45,957.8 198,916.6 24,291.5 174,625.1 126,405.8 (20,834.8) 21,719.2 (32,180.8) (10,373.1) 169,360.4 11,310.8 11,123.9 2,850.8 186.1 10,413.5 27,045.4 26,296.2 4,567.0 17,398.9 52,076.4 6,091.4 (16,170.5) (22,119.8) 182,496.3 211,475.3 (28,979.0) 183,034.9 208,446.2 (25,411.3) (10,101.6) (10,559.5) Figures: G$m Source: Bank of Guyana 23 Mid-Year Report 2013 Monetary Survey APPENDIX D1 MID-YEAR CONSUMER PRICE INDEX 2012 DEC 2012 JUNE 2013 JUNE ALL ITEMS FOOD CLOTHING FOOTWEAR AND REPAIRS HOUSING FURNITURE TRANSPORT & COMMUNICATION MEDICAL & PERSONAL CARE EDUC., RECR.
AND CULTL.

SERVICE MISC.
GOODS & SERVICES Source: Bureau of Statistics 24 Mid-Year Report 2013 Consumer Price Index APPENDIX E1 MID-YEAR CENTRAL GOVERNMENT FINANCIAL OPERATIONS 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 2013 REVISED Total Revenue Revenue Tax Income taxes Consumption taxes Trade taxes Other Non-tax Private sector Public enterprise & BOG GRIF Inflows 130,228.6 162,777.6 129,389.7 118,334.0 43,949.2 56,849.4 12,900.6 4,634.8 11,055.6 5,699.1 5,356.6 142,777.6 125,735.9 45,364.6 61,250.7 14,075.0 5,045.6 17,041.7 12,131.7 4,910.0 838.9 20,000.0 Total expenditure 171,356.0 205,050.2 Current expenditure Non-interest expenditure Personal emoluments Other goods and services Transfer Payments Interest External Domestic Primary balance Current balance Capital Revenue Capital Expenditure - 61,695.0 47,237.6 43,756.0 15,903.5 11,054.7 16,797.8 3,481.6 1,920.8 1,560.8 21,101.9 17,620.3 56,441.5 85,659.0 14,457.4 Overall Balance before Grants (41,127.4) (42,272.5) Grants HIPC relief Original Enhanced CMCF MDRI Other Projects Non-projects 13,509.6 1,876.8 832.8 1,044.0 11,632.8 6,048.5 5,584.3 13,207.7 2,101.5 872.0 518.8 710.7 11,106.2 4,951.2 6,155.0 Overall Balance after Grants (27,617.9) (29,064.8) Financing Net External Borrowing Disbursments of Loans Debt Repayments Rescheduling Guysuco - Escrow A/C Overseas Deposit Net Domestic Borrowing 27,617.9 22,044.3 30,043.3 3,764.8 683.0 - (4,917.1) 5,573.5 29,064.8 29,925.5 27,627.3 3,822.1 617.4 - 5,502.9 (860.7) 3,162.9 4,193.3 938.3 416.3 - 522.0 3,255.1 3,255.1 - 7,356.3 (7,356.3) 3,503.3 13,854.6 1,791.6 347.5 - (8,907.2) (10,859.6) 71,669.8 71,669.8
 64,889.8 25,229.8 30,120.8 6,038.1 3,501.1 6,780.1 2,739.6 4,040.5 - 55,842.8 44,940.9 41,928.7 17,739.6 10,101.6 14,087.5 3,012.2 2,109.1 903.1 29,741.1 26,728.9 10,901.8 15,827.1 1,336.5 792.3 - 435.9 - 356.5 544.2 544.2 - 17,163.6 (17,163.6) 2,806.8 7,053.9 1,641.2 285.4 - (2,891.3) (19,970.3) 165,395.7 145,395.7 127,969.4 47,408.2 61,865.1 13,556.6 5,139.4 17,426.3 12,375.8 5,050.5 20,000.0 204,060.0 121,385.8 114,991.8 39,408.1 37,203.6 38,380.1 6,393.9 4,339.8 2,054.1 30,403.9 24,010.0 82,674.2 (38,664.2) 12,833.5 2,303.2 - 870.4 726.2 706.6 10,530.3 4,375.3 6,155.0 (25,830.8) 25,830.8 26,507.2 21,510.1 3,596.9 575.4 - 8,018.6 (676.5) Net Divestment Proceeds - - - - - Figures: G$m Source: Ministry of Finance 25 Mid -Year Report 2013 Central Government Financial Operations APPENDIX E2 MID-YEAR FINANCIAL OPERATIONS OF THE NON - FINANCIAL PUBLIC SECTOR ITEM 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 2013 REVISED Non-Financial Public Sector Revenues 137,653.6 168,872.6 Central Government Public Enterprises 130,228.6 7,425.0 162,777.6 6,094.9 64,897.2 64,857.9 39.4 49,512.6 71,669.8 -5,359.4 165,415.2 165,395.7 19.4 Total Expenditure 177,178.8 210,115.5 64,090.7 58,023.1 208,640.1 Current Expenditure Non-Interest Expenditure Personal Emoluments Other Goods and Services Transfer Payments Transfers to the Private Sector Transfers to the public sector Interest External Domestic Current Balance Capital Revenue Capital Expenditure Central Government Public Enterprises 5,065.3
56,441.5 5,822.7 90,724.3 85,659.0 5,065.3 16,853.1 14,457.4 2,395.7 13,082.1 10,901.8 2,180.3 87,254.4 82,674.2 4,580.2 Overall Balance before Grants -39,525.1 -41,242.9 806.6 -8,510.4 -43,225.0 Grants HIPC Relief Other 13,509.6 1,876.8 11,632.8 13,207.7 2,101.5 11,106.2 4,193.3 938.3 3,255.1 1,336.5 792.3 544.2 12,833.5 2,303.2 10,530.3 Overall Balance after Grants -26,015.6 -28,035.2 4,999.9 -7,173.9 -30,391.5 Financing Net External Borrowing Net Domestic Borrowing Net Divestment Proceeds 26,015.6 20,692.7 5,322.8 0.0 28,035.2 30,890.4 -2,855.3 0.0 -4,999.9 4,660.3 -9,660.2 0.0 7,173.9 5,084.5 2,089.5 0.0 30,391.5 28,442.2 1,949.2 0.0 Figures: G$m Source: Ministry of Finance 26 Mid-Year Report 2013 Financial Operations of the Non-Financial Public Sector APPENDIX E3 MID-YEAR PUBLIC ENTERPRISE CASH FLOW ITEM 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 2013 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 - 59,299.8 52,262.6 10,877.8 41,317.4 67.4 6,604.5 432.7 7,675.5 6,378.6 173.8 (5,213.0) 250.5 - 250.5 283.7 19.0 264.7 134.4 - 134.4 146.4 146.4 Current surplus or deficit (-) 7,425.0 6,094.9 39.4 (5,359.4) Capital Expenditure Enterprises NIS Less Government transfers 5,822.7 5,800.5 22.2 5,065.3 5,015.3 50.0 2,395.7 2,390.2 5.6 2,180.3 2,173.3 7.0 134,890.0 121,303.3 13,586.6 12,620.7 965.9 139,450.7 134,491.2 118,095.1 24,417.9 93,118.1 559.2 14,229.3 1,156.7
 1,010.0 398.8 379.4 99.0 280.4 19.4 4,580.2 4,530.2 50.0 Overall surplus or deficit before special transfers (-) 1,602.3 1,029.6 (2,356.4) (7,539.7) (4,560.7) Special Transfers - - - - - Overall surplus or deficit after special transfers 1,602.3 1,029.6 (2,356.4) (7,539.7) (4,560.7) Financing External Domestic Divestment Proceeds (1,602.3) (1,351.6) (250.7) (1,029.6) 964.9 (1,994.5) 2,356.4 1,157.0 1,199.4 7,539.7 2,277.7 5,262.0 4,560.7 1,935.0 2,625.7 Figures: G$m Source: Ministry of Finance 27 Mid-Year Report 2013 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 2012 Actual 2013 Budget H1 2012 H1 2013 2013 Revised Total Statutory Expenditure 3,740,940,675 3,807,036,000 1,669,922,389 1,446,112,742 3,807,036,000 601 Total Statutory Employment Expenditure 3,700,174,675 3,764,232,000 1,669,922,389 1,446,112,742 6011 Statutory Wages and Salaries 6012 Statutory Benefits and Allowances 6013 Statutory Pensions and Gratuities 568,701,718 203,735,472 575,631,000 226,601,000 261,177,771 279,439,128 84,771,224 105,041,262 2,927,737,485 2,962,000,000 1,323,973,394 1,061,632,352 602 Statutory Payment to Dependants Pension Funds 6021 Statutory Payments to Dependants Pension Funds 40,766,000 40,766,000 42,804,000 42,804,000 - - 3,764,232,000 575,631,000 226,601,000 2,962,000,000 42,804,000 42,804,000 104,638,157,991 108,467,592,002 42,086,056,891 40,482,673,473 111,184,787,000 Total Appropriation Expenditure 601 Total Employment Costs 611 Total Wages and Salaries 6111 Administrative 6112 Senior Technical 6113 Other Technical and Craft Skilled 6114 Clerical and Office Support 6116 Contracted Employees 6117 Temporary Employees 613 Overhead Expenditure 6131 Other Direct Labour Costs 6132 Incentives 6133 Benefits and Allowances 6134 National Insurance 6135 Pensions 614 Revision of Wages and Salaries 6141 Revision of Wages and Salaries 620 Total Other Charges 621 Expenses Specific
 to the Agency 6211 Expenses Specific to the Agency - - 2,443,191,414 2,741,540,000 1,483,970,528 1,610,435,384 1,439,067,508 1,570,939,000 720,321,777 789,754,739 423,454,614 457,964,000 212,122,098 227,245,016 3,741,637,000 4,403,509,000 3,741,637,000 4,403,509,000 4,364,977 4,364,977 - 70,193,236,021 69,403,714,002 26,316,421,891 22,900,270,555 72,120,909,000 225,003,114 225,003,114 238,778,000 238,778,000 94,212,648 94,212,648 98,979,522 98,979,522 6115 Semi-Skilled Operatives and Unskilled 2,900,482,244 3,209,184,000 1,423,559,017 1,538,936,295 622 Materials, Equipment and Supplies 7,109,401,959 7,706,959,000 2,491,868,492 1,211,777,883 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 4,505,505,752 4,779,712,000 1,863,068,309 532,132,574 989,582,924 1,037,795,000 227,580,145 258,225,286 624,074,138 736,914,000 235,910,048 207,880,842 990,239,145 1,152,538,000 165,309,990 213,539,181 2,161,365,569 2,309,497,000 881,484,417 1,002,160,649 2,161,365,569 2,309,497,000 881,484,417 1,002,160,649 624 Rental and Maintenance of Buildings 3,053,170,411 3,204,861,000 576,557,781 687,910,195 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 6253
 Maintenance of Drainage and Irrigation Works 6254 Maintenance of Sea and River Defenses 6255 Maintenance of Other Infrastructure Figures: G$ Source: Ministry of Finance 28 Mid-Year Report 2013 Central Government Abstract of Non-Interest Current Expenditure by Chart of Account APPENDIX E4 MID-YEAR CENTRAL GOVERNMENT ABSTRACT OF NON-INTEREST CURRENT EXPENDITURE BY CHART OF ACCOUNT Acct Cod Chart of Account 2012 Actual 2013 Budget H1 2012 H1 2013 2013 Revised 626 Transport, Travel & postage 6261 Local Travel and Subsistence 3,021,396,371 3,351,005,000 1,055,017,999 1,298,221,001 1,158,805,776 1,391,999,000 453,202,905 549,093,636 6262 Overseas Conferences and Official Visits 358,930,700 358,500,000 109,004,875 133,174,019 6263 Postage, Telex and Cablegrams 6264 Vehicle Spares and Service 6265 Other Transport, Travel and Postage 627 Utility Charges 6271 Telephone Charges 6272 Electricity Charges 6273 Water Charges 38,546,470 740,885,295 724,228,130 46,658,000 781,241,000 772,607,000 12,495,611 17,687,099 243,575,964 273,227,586 236,738,644 325,038,661 7,076,118,608 7,479,300,000
 2,347,135,153 1,240,987,785 451,813,455 502,005,000 158,559,219 166,786,389 5,847,613,318 6,157,300,000 1,991,948,919 855,223,386 776,691,835 819,995,000 196,627,015 218,978,010 628 Other Goods and Services Purchases 4,565,023,189 5,488,387,000 1,613,688,705 1,935,967,995 6281 Security Services 6282 Equipment Maintenance 6283 Cleaning and Extermination Services 6284 Other 629 Other Operational Expenses 6291 National and Other Events 6292 Dietary 6293 Refreshment and Meals 6294 Other Education Subvention and Training 3,094,117,795 3,490,389,000 1,273,906,039 1,368,322,851 6301 Education Subventions and Grants 6302 Training (Including Scholarships) 1,556,926,209 1,658,528,000 721,950,368 781,481,030 1,537,191,586 1,831,861,000 551,955,671 586,841,821 631 Rates and Taxes and Subventions to Local Authorities 6311 Rates and Taxes 6312 Subventions to Local Authorities 188,283,973 172,044,074 16,239,899 194,074,000 176,539,000 17,535,000 7,667,598 3,489,648 4,177,950 85,666,157 81,659,456 4,006,701 632 Subsidies and Contributions to Local & Int Org 25,331,701,044 16,789,726,002 10,837,472,147 7,526,431,337 6321 Subsidies and Contributions to Local Organisations 24,434,408,589 15,867,285,002 10,328,429,261 7,027,724,422 6322 Subsidies and Contributions to International Organisations 897,292,455 922,441,000 509,042,886 498,706,915 633 Refunds of Revenue 6331 Refunds of Revenue 634 Pensions 6341 Non-Pensionable Employees 6342 Pension Increases 635 Other Public Debt 6351 Other Public Debt Grand Total 8,334,300 8,334,300 10,550,000
 10,550,000 493,500 493,500 3,326,050 3,326,050 7,395,210,300 10,306,866,000 3,142,161,248 3,814,888,671 10,306,866,000 163,424,000 178,866,000 67,266,041 65,683,995 2,315,644,000 2,701,000,000 722,609,607 865,765,876 - - - - - - - - 108,379,098,666 112,274,628,002 43,755,979,280 41,928,786,215 114,991,823,000 6343 Old Age Pensions and Social Assistance - - Figures: G$ Source: Ministry of Finance 29 Mid-Year Report 2013 Central Government Abstract of Non-Interest Current Expenditure by Chart of Account APPENDIX E5 MID-YEAR CENTRAL GOVERNMENT ABSTRACT OF REVENUE BY HEAD ITEM 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 2013 REVISED TOTAL REVENUE 168,031,553 208,243,618 73,582,378 76,733,077 206,887,536 TOTAL CURRENT RECEIPTS 130,228,594 162,777,636 64,857,879 71,669,842 165,395,729 CURRENT RECEIPTS TAXES CUSTOMS AND TRADE TAXES 12,862,907 14,035,500 5,683,355 5,869,820 13,297,573 VALUE-ADDED AND EXCISE TAXES 56,849,440 61,250,700 27,065,135 30,120,803 61,865,104 INTERNAL REVENUE 48,621,664 50,449,736 25,863,818 28,899,159 52,806,734 STAMP DUTIES 471,566 510,446 245,606 287,650 OTHER TAX REVENUE 591,318 647,218 336,283 362,771 505,723 696,875 I II III IV V FEES, FINES, ETC.
XI FINES, FEES.

ETC.

1,399,450 1,476,200 670,302 778,256 1,526,159 REVENUE FROM PROPERTY AND ENTERPRISE XII INTEREST XIII RENTS, ROYALTIES, ETC.
2,342 7,899 2,471 13,129 1,219 3,249 1,006 6,889 2,203 13,127 XV DIVIDENDS AND TRANSFERS 5,356,557 5,648,000 4,356,557 4,760,483 5,770,483 MISCELLANEOUS RECEIPTS XVI MISCELLANEOUS RECEIPTS 4,065,451 28,744,236 632,355 583,004 28,911,748 TOTAL CAPITAL RECEIPTS 37,802,959 45,465,982 8,724,499 5,063,236 41,491,808 CAPITAL RECEIPTS XXI MISCELLANEOUS CAPITAL REVENUE 1,043,976 1,229,502 521,988 356,478 1,432,786 XXII EXTERNAL GRANTS 11,632,787 11,106,249 3,255,085 544,158 10,530,260 XXIV EXTERNAL LOANS 25,126,195 33,130,231 4,947,426 4,162,600 29,528,762 Figure: G$'000 Source: Ministry of Finance 30 Mid-Year Report 2013 Central Government Abstract of Revenue by Head APPENDIX E6 MID-YEAR GOVERNMENT SUMMARY OF CAPITAL EXPENDITURE BY SECTOR AND TYPE OF FINANCING SECTOR AND SOURCE 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 1.0 3.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 Agriculture 1.1 Specific 1.2 Non-Specific Fishing 3.1 Specific 3.2 Non-Specific Power Generation 5.1 Specific 5.2 Non-Specific Manufacturing 6.1 Specific 6.2 Non-Specific Construction 7.1 Specific 7.2 Non-Specific Transport & Communication 8.1 Specific 8.2 Non-Specific Housing 9.1 Specific 9.2 Non-Specific Environment and Pure Water 10.1 Specific 10.2 Non-Specific Education 11.1 Specific 11.2 Non-Specific Health 12.1 Specific 12.2 Non-Specific Culture/Youth 13.1 Specific 13.2 Non-Specific National Security and Defence 14.1 Specific 14.2 Non-Specific Figures: G$m Source: Ministry of Finance 31 Mid-Year Report 2013 Summary of Capital Expenditure by Sector and Type of Financing APPENDIX E6 MID YEAR GOVERNMENT SUMMARY OF CAPITAL EXPENDITURE BY SECTOR AND TYPE OF FINANCING SECTOR AND SOURCE 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 15.0 16.0 17.0 18.0 19.
20 Public Safety 15.1 Specific 15.2 Non-Specific Tourist Development 16.1 Specific 16.2 Non-Specific Administration 17.1 Specific 17.2 Non-Specific Financial Transfers 17.1 Specific 17.2 Non-Specific Social Welfare 19.1 Specific 19.2 Non-Specific Overall Total 20.1 Specific 20.2 Non-Specific Figures: G$m Source: Ministry of Finance 32 Mid-Year Report 2013 Summary of Capital Expenditure by Sector and Type of Financing APPENDIX F1 MID-YEAR EXTERNAL DEBT STOCK SUMMARY ITEM 2012 ACTUAL 2013 BUDGET 2012 H1 2013 H1 2013 REVISED TOTAL EXTERNAL DEBT 1,358.60 1,345.42 1,297.81 1,248.35 1,345.42 1.0 Multilateral IBRD IDA IADB CDB CMCF IMF IFAD EEC EIB OPEC FUND 2.0 Bilateral 2.1 Paris Club Creditors: USA -PL 480 UK Canada Germany -KFW Netherlands Denmark Norway Sweden France Japan T&T Russia Italy 2.2 Non-Paris Club Creditors: Venezuela Argentina Kuwait Libya China India UAE Bulgaria Serbia 3.0 Private Creditors 3.1 Suppliers 1/ 3.2 Financial Markets/Bonds 2/ 0.77
Notes: 1/ Includes ITT and EPDS Debts 2/ Includes Bonds (Ruston Bucyrus), Lloyds Bank (O/Draft), GPL (RBTT Debenture) and Barclays Bank Debts Figures: US$m Source: Ministry of Finance 33 Mid-Year Report 2013 External Debt Stock Summary APPENDIX G1 MID-YEAR EXPENDITURE OF KEY SECTORS SECTOR 2012 Actual 2013 Budget 2012 2013 H1 H1 Education 26,517,077,450 28,668,203,240 10,210,691,000 11,057,181,526 Health 17,120,385,602 19,128,352,400 6,418,061,874 5,411,621,092 Agriculture 16,181,760,000 12,804,666,000 5,526,838,205 5,543,757,935 Infrastructure 21,889,338,000 25,625,956,000 5,557,970,359 3,979,469,498 Housing and Water 6,825,753,000 5,828,545,000 1,578,554,154 1,551,571,776 GRAND TOTAL 88,534,314,052 92,055,722,640 29,292,115,592 27,543,601,827 Figures: G$ Source: Ministry of Finance 34 Mid-Year Report 2013 Expenditure of Key Sectors