$9B budgeted for GuySuCo in 2017
Even with a projected debt, the Government will be investing $9B into the Sugar industry as outlined in the 2017 National Budget which was tabled today in the National Assembly.
As the Guyana Sugar Corporation (GuySUCo) continues to slowly dissolve, on Monday Finance Minister, Winston Jordon announced that this will bring the figure to a total of $32B pumped into GuySuCo since 2015.
Minister Jordon during his 2017 budget presentation described the sugar industry as being a matter of great urgency since it is projected to incur a loss of $80B, despite plans afoot to diversify the Wales Sugar Estate.
While the GuySuCo would have recorded some success in surpassing its production targets for last year, the dwindling sugar prices on the global market along with aged machinery and high production costs are still threats to the sector.
The present administration has committed that every effort will be made to see what can be done to save the ailing sector.
The 2017 National Budget was presented to the tune of $250B. This is an 8.7% increases from Budget 2016.