Guyana

Government and institution measures in response to COVID-19.

General information | Tax measures – Direct and Indirect | Economic stimulus measures | Other measures and sources

Return to homepage | Last updated: 27 April, 2020

General information

In the ongoing national effort to support businesses and individuals who have been socially and economically disadvantaged by the threat of the corona virus (COVID-19) pandemic the Government of Guyana approved a number of relief measures.

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

The Bank of Guyana has implemented the following measures in relation to the financial sector:

Grant a three-month moratorium to classify affected accounts as non-performing;
allow banks to renegotiate credit facilities by waiving paragraphs 14 and 15 of Supervision Guideline No. 5,
ensure the foreign market continues to function to satisfy legitimate needs as well as ensure compliance with Circular No. 5 of 2017 on Bank Cambio Operation, and
continue with an accommodative monetary stance to promote sustained growth and development of the economy.

The Bank has further encouraged financial institutions to consider the following measures:

Defer loan payments to assist customers in good standing;
Defer loan payments by companies to assist with their liquidity requirements;
Waive or reduce fees/penalties for transactions with ATMs, POS, EFT, debit cards, loan processing, late payments on loans, etc. and;
Encourage customers to reduce in-person transactions by using e-banking, ATMs, POS, telephone, etc.

The BOG notes that the financial system is safe and sound and reiterates the critical role banks play in the economy. The BOG will continue to monitor COVID-19 and the evolving economic conditions and may consider other measures, if necessary.