The Chairman of the Guyana Sugar Corporation has written to President David Granger describing the corporation’s current financial situation as “dire” and seeking an urgent government bailout.
The letter was written on the 15th of May and it is unclear whether there has been any response as yet, but in the letter, Guysuco Chairman John Dow explained that there is a need for urgent financial intervention for the company to avoid a closure of its operations.
He explained that despite improvements in the productivity of cane, sugar production for the last two crops have fallen short of expectations.
It was also explained that the current cover-19 crisis which has affected the workflow, has exacerbated the problem.
With the current situation, the Chairman said if there is not immediate financial help, Guysuco’s cash in hand is expected to run out during this month.
The Guysuco Chairman is hoping for the release of a subvention from the 2020 budget, pointing out that the company is also running behind with payments to its creditors to the tune of over $2 billion.
The Guyana Agricultural and General Workers Union, GAWU has expressed its concern about the current situation and is also hoping for the government to step in to salvage the company.
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