With the sugar industry recording yet another year of financial losses, the Government of Guyana will be injecting $9 Billion into the sugar industry and the operations of the Guyana Sugar Corporation.
The announcement was made by Finance Minister Winston Jordan during his budget presentation on Monday afternoon.
Minister Jordan told the National Assembly that with the $9 Billion injection in 2017, over $32 Billion would have been plugged into the sugar industry since the coalition government took office in 2015.
The government is plugging more money into sugar although the Minister stated that money being thrown into the industry in its current state would be a waste of money.
He also announced that a special Cabinet sub committee has been set up to look into the state of the industry and offer specific recommendations by the end of 2016.
Jordan said there is need for radical reorganizing of the sugar industry to stop the current bleed.
Guyana has been recording sugar losses over the past five years and the sector is expected to continue to decline with the many problems facing the local sector and the low sugar prices on the world market.
Already, the Wales Sugar estate is expected to face closure early in the new year.
The Opposition has called on the government to do more to save the industry.