GuySuCo gets another $1B

The Parliamentary Committee of Supply on Monday approved $1 billion in supplementary funding for the Guyana Sugar Corporation (GuySuCo) to help with the retooling of sugar estates. 

Agriculture Minister Zulfikar Mustapha, offering details on the need for this sum, explained that there are greater operating costs for several of the estates. He also said these sums are needed for an ongoing process of retooling estates. 

“Because of the 2021 flood, a lot of the areas in the prime estate like albion.. we we are retooling,” Mustapha said. 

A sum of $363 million is for the Albion estate, $76 million for the Blairmont estate and $561 million for the Rose Hall estate. 

The monies approved for GuySuCo on Monday are in addition to a $6 billion allocated to the Corporation in the 2022 National Budget. 

Prior, in January, the government provided operational and restructuring support to GuySuCo in the sum of $11 billion and also injected $600 million to assist with wages and salaries. Then, in August, another $3.4 billion in supplementary funding was provided. 

Meanwhile, supplementary funding totalling $2 billion was approved for the National Drainage and Irrigation Authority (NDIA). Minister Mustpha said this sum will help advance much-needed drainage works in several regions across Guyana. 

Both sums are part of Financial Paper No. 3, wherein $44.4 Billion is being sought. 

Overall, the government is seeking parliamentary approval for another $47 billion in supplementary funding to offset the costs it incurred by agreeing to absorb the increase in electricity rates and other much-needed works such as the completion of roads and bridges.

Members of the National Assembly are considering this request on Monday.