Gov’t approves bailout money for cash strapped GuySuCo

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guysuco[www.inewsguyana.com] – The APNU+AFC government has approved the release of funds to the cash strapped Guyana Sugar Corporation (GuySuCo) in order to ensure that operations at the sugar estates return to normalcy.

GuySuCo’s former Chief Executive Officer (CEO), Dr Raj Singh had recently noted that the sugar company needed a $16 billion bailout package; however the government did not reveal how much money it approved for GuySuCo and efforts made by iNews to contact Minister of Agriculture, Noel Holder proved futile.

“The Ministry of Agriculture therefore wishes to assure the sugar workers and the public at large that all measures are being taken to ensure the sustenance of the industry,” the government statement noted.

According to government, notwithstanding the recent change in GuySuCo’s management, workers can rest assured that the” industry is here to stay. In addition, all sugar factories will remain operable.”

To ensure that the Corporation continues to survive, an Interim Management Committee has also been put in place and is at present working and has already been meeting with management on the way for forward for sugar in Guyana. The Commission will oversee the work of the Corporation for at least six months.

It was noted that a Commission of Inquiry (COI) will also be launched shortly by the new administration into the affairs of the sugar corporation. GuySuCo has been suffering increased losses over the years. In 2014, the sugar corporation received a $6 Billion bailout from the PPP/C government.

2 COMMENTS

  1. What a wonderful news for the workers of the industry. However, these monies should be used to up production, buying machines tp harvest and to plant canes

  2. Interim Management Committe – guess what Errol the creole englishman with the fake accent. Knows nothing about sugar. Once the laughing stock in Booker tate the respected Guru in Guyana Sugar.
    These are now getting to be funnier times the laugh is on the colation.
    Errol Hanoman knows nothing about business and sugar.
    Paul Bhim may be a good finance man but same suhani raat.
    Let the MoA show us what happens in the next three months.

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