BUDGET 2021: $2B for ‘critical’ capital works at GuySuCo

Senior Minister within the Office of the President with responsibility for Finance, Dr Ashni Singh has announced that the 2021 National Budget makes provisions for $2B for ‘critical’ capital works at the Guyana Sugar Corporation (GuySuCo).

Dr Singh made the revelation during his presentation on the 2021 National Budget on Friday at the Arthur Chung Conference Centre (ACCC), where he also emphasised that the government remains committed to “rebooting” the sugar industry and taking care of the country’s sugar workers.

The funds that are being allocated to the industry will aid in further strengthening operations of sugar estates and the sector’s productivity.

Last year, the corporation was allocated a sum of $7 billion. An initial sum of $3 billion was used to recapitalise the estates at Rose Hall, Skeldon, and Enmore, while a latter $4 billion was used to support the recapitalization of the three operating estates at Blairmont, Albion and Uitvlugt.

The government has also begun rehiring sugar workers that were laid off following the closure of sugar estates.

The vision of GuySuCo, as outlined by the company’s management, is to focus on expanding the sale of packaged sugar in CARICOM, North America and the local markets. GuySuCo’s overarching plan for 2021 is to produce 97,000 tonnes of sugar, a high percentage of which is expected to be packaged.

Beyond just the sugar industry, Dr Singh highlighted, “Agriculture will be one of the major anchors of our non-oil economy.”   He said that agriculture is an ever-expanding sector and it is a massive sector that will enable Guyana to reduce food imports and create jobs for citizens.