Dear Editor,

It is useful I feel to look at different aspects of the 2002 Budget not only for what they plan to do this year but also in review of our performance over the last year.

We learn among other things that the Current revenue was $41.4 billion which was $2.6 billion less than the target or 5.9 percent less. The Guyana Revenue Authority (GRA) accounted for $37.8 billion, which was a very commendable effort especially in light of the revenue lost by the Customs and Trade Administration (CTA) in the first half of 2001 and after September 11th.

It is estimated that Customs and Trade lost $ 1.5 billion in taxes on international trade and another $525 million on domestic goods and services collecting $18.1 billion and not meeting their target of $19.9 billion.

The Internal Revenue Department (IRD) however collected $19.7 billion or $71 million more than their target. This was in part due to increased collections of personal income and withholding taxes, which also offset a 4.7 percent decline in company taxes.

As regards other current revenue, the most notable performance was registered by the Bank of Guyana whose profits rose to $823 million.

In keeping with its commitment Government remitted all of the Sugar Levy payable by the Guyana Sugar Corporation (Guysuco) for 2001 to support the industry's restructuring and modernisation.

What I feel we are seeing here is strong and efficient management of the economy by the government in spite of the many internal and external constraints during 2001 and at present and this is further evidence that the country which was one of only two in the Caribbean to register growth in 2001 is in capable hands.