The Government’s holding company, NICIL, today announced that it has credited the account of Guysuco with $250 million which represents a partial response to the company’s request for a bailout from the Government.
An additional $750 million is to be made available soon.
NICIL said its total disbursements to Guysuco over the past two years have now reached just over $9.7 Billion and that is in addition to more than $40 billion that the company received from the Government directly.
According to NICIL, Guysuco should seek to resolve its financial challenges through professional engagements with the holding company rather than to resort to “petty disclosures and half-truths in the press”.
NICIL is advising the Guysuco Directors to obey the terms and conditions of the bond and urges the reporting of its expenditure schedule to the holding company.
Back in May, the Guysuco Chairman wrote to President David Granger seeking his urgent intervention. The Chairman said based on the company’s financial situation, it has found itself running out of cash and needed money to not only support its operations but to also pay salaries.
There were fears that the company might have been forced to grind its operations to a halt.