Rwanda’s example puts Guyana to shame

### republic of rwanda ## RWANDA VISION 2020 Revised 2012 i #### FOREWORD The Vision 2020 is a reflection of our aspiration and determination as Rwandans, to construct a united, democratic and inclusive Rwandan identity, after so many years of authoritarian and exclusivist dispensation. We aim, through this Vision, to transform our country into middle - income nation in which Rwandans are healthier, educated and generally more prosperous. The Rwanda we seek is one that is united and competitive both regionally and globally. To achieve this, the Vision 2020 identifies six interwoven pillars, including good governance and an efficient State, skilled human capital, vibrant private sector, world class physical infrastructure and modern agriculture and livestock, all geared towards prospering in national, regional and global markets. This Vision is a result of a national consultative process both at inception, between 1997 and 2000 and in 2012 when the Vision was revised. The discussions and debates involved Rwandans from all walks of life, including leadership from all levels in the business community, government, academia and civil society. More than a decade since implementation of the vision began, the results speak for themselves. Out of the 47 indicators in the original Vision 2020; 26% (12) have already been achieved. The successes come as a result of a collaborative effort between Rwanda and our partners. It is a demonstration of what can be achieved when we give value to ourselves and the work we do, when we strive to find solutions from the strengths of our culture. The efforts and determination of the Rwandan people have necessitated revision of our targets upwards to match our growing ambition and to demonstrate our unwavering resolve to make a better livelihood for all Rwandans. Vision 2020 is a shared purpose for all Rwandans. We need to constantly remind ourselves how our work – in our individual capacities, communities, business and public institutions – contributes towards realizing this Vision. Like all achieving societies whose success is generally inspired by a shared purpose, our Vision 2020 constitutes a bond that holds Rwandans as a people determined to build a better future. ... ii I am certain that Vision 2020 will continue to inspire us to achieve our goals, and that our Vision is clearly and powerfully stated – thus setting in motion the vital energy and the sense of urgency needed for its realization. I thank all Rwandans and Friends of Rwanda who will play their part to making our Vision realizable. Paul KAGAME President of the Republic of Rwanda ... Vision 2020 was a result of a national consultative process that took place in Village Urugwiro between 1998-1999. There was a broad consensus on the necessity for Rwandans to clearly define the future of the country. This process provided the basis upon which this Vision was developed. Since then Rwanda has made much progress towards attaining these objectives and even surpassed some of the targets. In 2011, with less than 10 years towards the realization of the Vision, it was necessary to assess the relevance of the indicators and targets and ensure that they continue to reflect the ambition and the progress of the country towards attaining its long term development goals. This culminated in a revision of the original Vision 2020 targets through a consultative process where the revised targets were adopted at the 9 th Leadership retreat in February 2012. The original Vision 2020 contained 47 indicators and targets, which have been revised to a total of 48. The guiding rationale for the revision was based on the following: 1. Aligning targets to level of low middle income countries: an analytical comparison has been made of Rwanda and middle income countries and adjustments made where necessary. The most notable change is the adjustment of Gross Domestic Product (GDP) per capita to meet the changing thresholds of middle income countries. The existing Vision 2020 target for GDP per capita has been revised from USD 900 to USD 1240. The current threshold for lower middle income countries is USD 1,006 to USD 3,975, upper middle income; USD 3,976 to USD 12,275; and high income; $12,276 or more. Meeting this target will ensure Rwanda moves into the lower middle income category by 2020. 2. Harmonizing with the more ambitious seven year government program (7YGP) targets: Some 7YGP targets were found to be more ambitious than those contained in the Vision 2020. These include ... been

JANUARY 26, 2026 Ministry of Finance Main and Urquhart Streets, Georgetown Co-operative Republic of Guyana Original Title: Budget 2026 Presented by: The Honourable Dr. Ashni K. Singh, M.P. Senior Minister in the Office of the President with Responsibility for Finance Publisher: Ministry of Finance Cover: The cover features images of a diverse Guyanese workforce powering the nation’s growth in the oil and gas, agro-processing, healthcare, and information and communication technology sectors. Production Services: Printed in the Co-operative Republic of Guyana © Ministry of Finance 2026 ISBN 978-976-97033-6-0 (Paperback) Digital Edition Download a PDF copy of Budget 2026 from the Ministry of Finance website at https://finance.gov.gy/budget/budget-speeches/ or scan the QR code below to access Budget 2026 directly ### CO-OPERATIVE REPUBLIC OF GUYANA THIRTEENTH PARLIAMENT OF THE CO-OPERATIVE REPUBLIC OF GUYANA UNDER THE CONSTITUTION OF THE CO-OPERATIVE REPUBLIC OF GUYANA ### FIRST SESSION 2025-2026 ### BUDGET SPEECH ### Honourable Dr. Ashni K. Singh, M.P. Senior Minister in the Office of the President with Responsibility for Finance ### January 26, 2026 ... 1. Introduction 1.1 Mr. Speaker, I rise to move the motion for the approval of the Estimates of the Public Sector and the Budget for the Financial Year 2026. In doing so, I wish to indicate that Cabinet has recommended that the National Assembly proceed upon this motion, pursuant to Article 171 Paragraph 2 of the Constitution of Guyana. 1.2 Mr. Speaker, Budget 2026 is the first budget being presented by this People’s Progressive Party/Civic (PPP/C) Government, under the distinguished leadership of His Excellency the President, since our landslide victory at the September 1, 2025 general and regional elections. In those elections, we secured 36 seats in this Honourable House, giving us a seven-seat majority, the largest majority won by any party since we won a similar majority 20 years ago. This expanded majority was secured with the highest number and the widest margin of popular votes won by any party since democracy was restored in 1992. The 2025 elections were also the first general and regional elections since our young democracy came under threat in the runup to 2020. As in 2020, democracy prevailed in 2025, the will of the Guyanese People emerged victorious, and the PPP/C secured reelection with a much stronger mandate. 1.3 This resounding result clearly reflects the recognition by the Guyanese People of our Government’s strong track record of delivery over the years. In just the first two years after August 2020, we contained COVID-19, reopened our country, and resuscitated our economy. We consolidated our democratic and state institutions, and returned our country to a place of global respectability. We rebuilt our country’s credibility and attractiveness as an investment destination for both foreign and domestic investors. We reversed the oppressive economic policies of the A Partnership for National Unity/Alliance For Change (APNU/AFC) who, albeit fewer in number, now comprise the parties on the opposite side of this House. We resumed critical social programmes that they took away, and expanded these, delivering much needed relief and immediate tangible improvements to the lives of all of the Guyanese People. 1.4 Then, despite losing two years to this rescue and recovery effort, we still managed to launch a sweeping transformation of our country at a scale, scope, and speed that have simply never been seen before. We started the buildout of a new and expanded transport infrastructure network that has ... their impact are an ever-present reality. Throughout the inevitable ebb and flow of an unpredictable world, we have a duty to preserve and protect the interests of the Guyanese People. To that we are irreversibly committed. That is why we have established a policy framework that is designed to be sufficiently resilient to withstand shocks that could arise, whether from commodity prices, climate disruptions, or other exogenous surprises. 1.11 Mr. Speaker, on the subject of resilience, it is apposite to note that Budget 2026 comes to this Honourable House just four months before Guyana celebrates its 60th independence anniversary. Over the decades since we freed ourselves from colonial rule, we have navigated all manner of challenges: tumultuous global developments; baseless external threats to our territorial integrity; domestic struggles to achieve and preserve democracy; building credible institutions of state; recovery from economic collapse and sovereign bankruptcy; achieving economic viability and fiscal sustainability; becoming one of the fastest growing economies in the world; and managing the risks that come with that. We have navigated all of it and emerged stronger, as a country and as a People, and we have much to celebrate as we mark 60 years as an independent country. 1.12 Mr. Speaker, in this milestone year, Guyana can validly and proudly claim to be globally respected, politically mature, and economically strong as a country. We – all Guyanese – have a duty to jealously and unapologetically guard and protect these strengths which were not easily won and should never be trifled with or taken for granted. Our Government’s intention is to do just this – to diligently defend these gains we have made as a country, to further consolidate and build upon them and, most importantly, to leverage them to the benefit of all of the Guyanese People. This we will do throughout 2026 aided by Budget 2026, and this we will continue to do over the next five years and far beyond. 1.13 Budget 2026 lays the basis for continued strong economic growth and further rapid advances in our country’s transformation. Within this context, this PPP/C Government’s entire policy agenda focuses on improving the lives of the Guyanese People and creating opportunities for the Guyanese People. With this in mind, Budget 2026 is presented under the theme Putting People First. ... 4. Sectoral Vision and Plans – the Agenda for 2026 and Beyond A. Strategic Framework and Macroeconomic Context 4.1 Mr. Speaker, Budget 2026 has already been situated within the backdrop of our 2025 Manifesto. In that Manifesto, we stated clearly that our policies and plans are guided by a comprehensive planning framework. 4.2 The framework to which we refer comprises the succession of strategic planning documents we have prepared over the years, in consultation with the widest possible range of stakeholders. These include the National Development Strategy (NDS), successive Poverty Reduction Strategy Papers (PRSPs), the National Competitiveness Strategy (NSC), and the Low Carbon Development Strategy (LCDS) as well as the updated LCDS 2030. These share a number of common themes – sustainable economic growth, poverty reduction, human and social development, maintaining a competitive business climate, and ensuring environmental responsibility – and are supported by various more detailed sectoral and institutional plans that have been prepared over the years. All of these strategies and plans remain relevant for consideration and, for the greater part, for implementation today. 4.3 Additionally, the agenda we outlined in our 2025 Manifesto is premised on a careful study of the macroeconomic context in which we are operating and the macroeconomic objectives we are pursuing. We aim to achieve high and sustainable rates of real economic growth, recognising the attendant risks of Dutch Disease, and ensuring that these are contained as effectively as possible. In particular, in the case of economies that experience rapid growth such as we have, the risks of overheating are real and must be actively contained. Consequently, we consider it to be of paramount importance that we maintain and safeguard stability in the midst of rapid expansion in the real economy, and that we secure our resilience by diversifying the sources of growth and ensuring the realisation of a globally competitive non-oil economy. 4.4 In this regard, ensuring that we remain competitive is essential. At national, sectoral, and individual levels alike, it is relative competitiveness that will determine survival and success. For this reason, our Government considers the achievement of competitiveness as an objective to be pursued across all sectors. In this regard, key considerations include: the impact of scale on competitiveness; the need to raise production and productivity across the board; the role of science and technology and, in particular, digital technology in improving efficiency; and labour market dynamics and human capital development to raise productivity and improve competitiveness. We are committed to doing all that is needed to ensure that Guyana becomes and remains globally competitive and sufficiently agile to adapt to evolving realities and circumstances going forward. B. Promoting Growth, Diversification, and Resilience 4.5 Mr. Speaker, as has already been stated, our aim is to build a diversified productive base that can withstand external shocks, compete successfully in regional and international markets, and create good quality jobs and business opportunities for the Guyanese People. For us, diversification is not a slogan, it is how we maintain resilience and secure prosperity. I will now review developments and prospects in our key productive sectors. a. Oil and Gas 4.6 Mr. Speaker, our Government continues to take deliberate actions to ensure that Guyana’s oil and gas wealth is managed in a manner that delivers tangible and lasting benefits to the Guyanese People. To this end, our Government continues to prioritise a robust regulatory framework, aggressive exploration and production, maximising opportunities for participation by Guyanese companies and nationals, as well as openness and transparency on the sector’s operations. Legal, Regulatory, and Institutional Framework 4.7 Mr. Speaker, Government is building a modern and globally credible governance framework for the oil and gas sector, including through the modernisation of key laws and regulations, strengthening institutions, and building technical capacity. 4.8 Over the past five years, we enacted the NRF Act and the Local Content Act (LCA) in 2021, the Petroleum Activities Act (PAA) in 2023 to replace the old Petroleum Act 1986 and, more recently, the Oil Pollution Prevention, Preparedness, Response and Responsibility Act (OPPPRRA) in 2025 to address environmental risks and emergency actions based on international best practices. These Acts form the basis of a modern and comprehensive legal framework to govern the sector.

Africa-Press – Rwanda. Rwanda Revenue Authority (RRA) collected more than Rwf3.2 trillion in tax and non-tax revenues during the 2024/25 fiscal year, up from Rwf2.7 trillion the previous year. According to newly released data in the eighth edition of the country’s tax statistics, this represents an increase of nearly Rwf478 billion, or 17.5 percent, compared to 2023/24. The tax-to-GDP ratio rose slightly from 14.1 per cent to 14.3 per cent, while RRA collections financed 55.1 per cent of the national budget, compared to 53.3 per cent the previous year. Tax-to-GDP ratio measures how much tax a country collects relative to the size of its economy, indicating revenue capacity, fiscal health, and the ability to fund essential public services and guide economic policy. Higher ratios generally reflect greater fiscal space and development. ... Roy Valence Gasangwa, the Assistant Commissioner for Planning, Research and Statistics at RRA, told The New Times that central government revenue for 2024/25 totalled Rwf3,099 billion, exceeding the target of slightly over Rwf3,041.2 billion and achieving 101.9 per cent performance. This is a surplus of Rwf57.8 billion. ... Value Added Tax (VAT) was the leading revenue source, accounting for 31.4 per cent of total collections. VAT revenue rose from Rwf792 billion in 2023/24 to more than Rwf962 billion in 2024/25. Profit taxes (CIT and PIT) contributed 22.8 per cent, increasing from Rwf585 billion to more than Rwf701 billion, while PAYE accounted for 20.8 per cent after rising from more than Rwf570 billion to more than Rwf639 billion. The three categories made up 75 per cent of total tax revenue – with the rest coming from other tax types.