The Guyana Sugar Corporation (GuySuCo) will need approximately $1 billion if it is going to keep its doors open and prepare for the second crop.
This is according to a statement released yesterday by the Guyana Agricultural and General Workers Union (GAWU) which also said that the corporation is likely to exhaust all its cash by this weekend and called on the National Industrial and Commercial Investments Limited (NICIL) to honour its promise of funding the corporation.
“When we asked about the promised release of resources from the Government-holding company – NICIL – our sources confirmed that, so far, none of the touted monies have been released to the sugar company. Persons in the GuySuCo, we have learnt, are very anxious, at this time, considering production has halted and income from the sales of sugar and molasses have ceased.” The union referred to a source who had indicated that if NICIL does not release any monies soon, GuySuCo will be forced to “close its doors.”