Guyana to Provide $478 to Every Citizen, Sharing Oil Revenue with the Public

November 7, 2024 – Guyana has announced that it will provide $478 to every citizen, as part of a new initiative to share the country’s oil revenue directly with the public. The funds will not only be distributed to citizens living in Guyana but also to Guyanese expatriates abroad.

According to reports, every citizen aged 18 years and above is eligible to receive 100,000 Guyanese dollars (about $478 USD), with only their passport or national ID required to claim the amount. However, expatriates will need to return to Guyana to receive their share.

President Irfaan Ali announced the program, saying that in recent days, he had received widespread support from citizens who reached out to him and his cabinet, praising the measures taken last week. Initially, the government had planned to distribute 200,000 Guyanese dollars per family, but after public concern, the plan was modified to include individuals as well. Some worried that young people who had not yet started their own families would miss out on the aid. By expanding the program to include every individual, President Ali hopes to address these concerns and ensure that no young person is left out of this financial benefit.

With a population of around 800,000, the program is expected to benefit approximately 400,000 citizens.

Guyana has seen historic economic growth in the last five years, thanks to the oil boom. The discovery of vast oil reserves in 2015 changed the country’s economic future, transforming it from one of the poorest economies in the region to one of the fastest-growing in the world.

The country’s economy has tripled in size in recent years, driven primarily by oil exports, and Guyana has quickly become one of the world’s most rapidly developing nations.