FITUG lauds govt for plan to establish of Sovereign Wealth Fund

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The Federation of Independent Trade Unions of Guyana (FITUG) today
lauded the government for its intention to establish a Sovereign
Wealth Fund (SWF) with the objective of securing income from oil
revenues for future generations.

Representatives of the Federation were speaking during a budget
consultation with Minister within the Ministry of Finance, Jaipaul
Sharma hosted in the boardroom of the Ministry of Finance.

FITUG complimented the administration on the direction they have taken
and called for additional support mechanisms for redundant sugar
workers in the four areas – Skeldon, Rose Hall, Enmore and Wales,
where sugar estates were closed.

The Federation recommended the extension of the School Feeding
Programme to include lunch, institution of a bus service and provision
of counselling services for adults and children in these areas.

Additionally, the FITUG suggested a number of measures to further
assist the sugar workers; an increase in Old Age Pension, electricity
subsidy, income tax threshold and widening of the income tax base,
among others.

Minister Sharma committed to examining all the proposals and noted
that government will seek to address all the concerns and suggestions.

The minister reminded that not all proposals can be taken on board
since government has to consider the feasibility given the available
resources.

The consultations on the National 2019 Budget will continue over the
next few weeks.

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