The government has allocated to the Guyana Sugar Corporation (GuySuCo) a subvention in the sum of $4 billion in the 2023 budget.
This builds on billions more the government has already pumped into reviving and retooling the industry.
According to Finance Minister Dr. Ashni Singh, this year’s allocation is expected to support the commencement of the construction of the Albion Packaging Plant and expansion of the capacity of the Blairmont Packaging Plant.
“We have also targeted the acquisition of a drying machine to improve the quality of our packaged sugar, and a stick packaging machine to offer a new smaller packet of sugar to meet the needs of premium markets,” the finance minister said.
Additionally, it is anticipated that grinding operations at the Rose Hall Estate will commence in the second crop of 2023, in keeping with the government’s commitment to resuscitate the sugar communities and to create employment for persons within the villages where estates were closed.
Mere weeks ago, in December 2022, the Parliamentary Committee of Supply approved $1 billion in supplementary funding for GuySuCo to help with the retooling of sugar estates.
A sum of $363 million is for the Albion estate, $76 million for the Blairmont estate and $561 million for the Rose Hall estate.
This was in addition to a $6 billion allocated to the Corporation in the 2022 National Budget.
Prior, the government provided operational and restructuring support to GuySuCo in the sum of $11 billion and also injected $600 million to assist with wages and salaries. Then, in August 2022, another $3.4 billion in supplementary funding was provided.
