Gov’t refuses GuySuCo $2B bailout

The cash-strapped Guyana Sugar Corporation Inc. (GuySuCo) will be moving to fast-track the sale of lands to the Housing authority as the government has refused their request for a $2B bailout.

GuySuCo’s Chairman, Dr. Clive Thomas and Chief Executive Officer, Errol Hanoman on Monday met with Acting President and Prime Minister, Moses Nagamootoo and Minister of Agriculture, Noel Holder where the request was made. Subsequently, a presentation was made to cabinet on Tuesday.

During a Post-Cabinet media briefing today, Minister of State, Joseph Harmon disclosed that the government has refused to fulfil that request and instead advised GuySuCo to fast-track the corporation’s sale of lands to the Central Housing and Planning Authority.

“Government had suggested to the Minister of Finance that they assist GuySuCo in actually having Central Housing and Planning Authority (CH&PA) pay for lands which had been identified. So in fact, what will happen is that these lands will now come under the Central Housing and Planning Authority and will be available to the Guyanese public,” Harmon stated. He added that the transaction is likely to be finalised today.

It should be noted that while the sugar corporation was refused the $2B bailout the government still assisted the Corporation with some amount of money to pay the sugar workers but Minister Harmon did not divulge the amount.

The state-owned industry has so far produced 31,365 tonnes of sugar for the second crop thus far.

News Room also spoke to President of the Guyana Agriculture and General Workers Union (GAWU), Komal Chand, who claimed that production is lagging for the second crop since two of the estates began grinding late; those being the Skeldon and Enmore Estates. This was also confirmed by GuySuCo.