GUYSUCO gets $1.5 Billion as an aid in restructuring the company

The amount of $2 billion has been allocated in the national budget have been completely exhausted in the last 3 months. Now the government is going forward with its reform plan for the sugar company.

The National Assembly has approved and allowed another $1,5 billion to assist in the government’s plan for restructuring the company. This funding has been allocated with this recent amount just after the 3 months of allocation of $2 billion during the 2021 budget.

These allocated will be used in advancing the restructuring of the sugar company along with the plan to reopen the properties that have been closed during the last ruling government. This statement was given by the Agriculture Minister of Guyana, Zulficar Mustapha

Mustapha told the Opposition in the house that they have been continuing the restructuring of GUYSUCO. They were continuing to restructure GuySuCo. There are critical to rehabilitate and recapitalize on the present estates and also to reopen the closed sugar estate that they all closed.

While answering to the questions of the opposition in the house, Agriculture Minister Zulficar Mustapha said that Rose Hall Estate would be opened first. The excess amount than $290 million has been allowed in the supplementary budget to assist in the reopening process.

Agriculture Minister Zulficar Mustapha was not having the proper answer regarding the reopening. He supported his answer by saying that there has been a lot of work left for the reopening of the estates. The reopening could take place next year as soon as the work would get completed.

GUYSUCO received $7 billion dollars last year allocations to assist the work in its recovery plan.

In government funding, the company has been receiving billion dollars for many years despite the poor working of the sugar sectors.

During the rule of the last government and their restructuring effort, many estates had to be closed.