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Guyana Government to plug one bullion dollars in support of restructuring the sugar industry – 26th Mar 2013

budget ashni singh sugar industryThe Government is plugging one billion dollars in support of restructuring the sugar industry.

Minister of Finance, Dr. Ashni Singh, during the presentation of the 2013 Budget said, the sugar industry is still of systemic importance to the national economy and to the livelihoods of several rural communities.

The Guyana Sugar Corporation (GUYSUCO) had come in for severe criticism over the years for several issues that has beset by issues associated with Managerial capacity, labour supply constraints and an unacceptable production level.

But despite this, the Government continues to shore-up the troubled company.

Dr. Singh said as the company grapples with the challenges of returning to its production potential and profitability, certain managerial changes have to take place.

He said an updated Strategic Plan for 2013-2016 is currently being prepared.

But the opposition leader, David Granger said, the Government cannot continue to subsidise GUYSUCO without confronting the real issues that plague the sugar sector.

The budget was presented under the theme: “Overcoming Challenges Together Accelerating Gains for Guyana”.

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