Having received a total of $7 Billion last year in the national budget and the supplementary budget, the Guyana Sugar Corporation is set to receive another $2 billion in this year’s budget.
Finance Minister Dr. Ashni Singh announced this afternoon that the state-owned sugar company will continue to undergo a restructuring and revitalization plan.
The $2billion allocation is expected to go towards capital works to aid in the turnaround of the sugar industry.
Guysuco has been receiving billions of dollars in government funding over the years despite the poor performance of the sector.
Under the last government, a number of estates were closed in its restructuring effort. That move was heavily criticised as hundreds of workers lost their jobs. Since taking office last year, the new PPP Civic government has started to reopen some of the closed estates.
The company is hoping to capitalise on the packaged sugar market. Last year, Guysuco saw a decline in sugar production.