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Govt. defers $1.4B GuySuCo debt

Mar 04, 2010 News

Shadow Finance Minister, Winston Murray, during the debates in the National Assembly had questioned a loan in excess of $2B to the Guyana Sugar Corporation on the basis of the fact that it could not repay monies already owed to the government.
Murray had also charged that the negotiations with the government were leaning towards the Government absolving that debt, but Agriculture Minister Robert Persaud has debunked that claim pointing out that it is a mere deferral of payments.
He said that the money, some $1.4B, is just one way in which the government is seeking to assist the industry.
Persaud explained that rather than hand over the money to the government they could use the money to withstand the current woes such as the European Union cuts on preferential pricing.
During the budget debates, Murray had told the House that the monies loaned to GuySuCo this year will have to be repaid to the Government, and he questioned the ability of that company do make this repayment, given that it is already behind on one set of payments.
He wanted to verify whether the taxpayers of Guyana would not have to be saddled with the repayment of the monies to China and to the Caribbean Development Bank.
Finance Minister, Dr Ashni Singh, in response to that query said that he did not want to speculate but was adamant that the government would not waiver from its commitment to ensure that the industry emerges from the difficulties it currently faces.
He did confirm that there were discussions with GuySuCo about monies owed to the government.

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