The government has approved monies intended to “bail out” the cash strapped Guyana Sugar Corporation and it has assured that it is working assiduously to ensure the operations of the company return to normalcy .
While the administration has not disclosed the sum of the monies released to GuySuCo it had that the Guysuco had requested a $16 Billion bailout package.
The Ministry of Agriculture is assuring sugar workers and the public at large that all measures are being taken to ensure the sustenance of the industry.
Earlier this week, Agriculture Minister Noel Holder, acting on instructions of the Cabinet,dismissed the Chief Executive Officer GuySuCo Dr. Raj Singh. In addition, members of GuySuCo’s Board of Directors have been instructed to send in Letters of Resignation with immediate effect.
“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,” a statement from the Government Information Agency said on Friday.
To ensure that the Corporation continues to survive, an Interim Management Committee has also been put in place. The Guysuco IMC has already been meeting on the way for forward for sugar in Guyana. The committee will oversee the work of the Corporation for at least six months.
A Commission of Inquiry (COI) is also expected to be launched shortly by the new administration to examine the state of the sugar corporation.
Guysuco has been facing financial problems for several years under the previous administration despite several attempts to improve its productivity.
In 2014, the sugar corporation received a $6 Billion bailout.