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EU says GuySuCo sugar target too ambitious

Feb 12, 2011 News

Head of the European Union in Guyana, Geert Heikens, is convinced that the Guyana Sugar Corporation has set too ambitious a target for this year.  He stopped short of suggesting that the entity plucked figures out of the air.
GuySuCo has set a target of 300,000 for this year. Last year sugar production was its lowest in some two decades at 230,000 tonnes after two target adjustments. Ambassador Heikens said that the failure to reach the production target may have been responsible for the country losing 14 million Euros.
The European Union voted 90 million Euros by way of budget support for Guyana following the EU decision to modify the sugar treaty, leading to price cuts for Guyana. So far The EU has released 58 million Euros to the Foreign Ministry with a further 18 million Euros due this year. The total sum would be released in four tranches.
This loss could have been averted had Guyana not insisted on tying the budget support to production targets, a mistake that the programme planners do not intend to make again.
Ambassador Heikens said that the country must hope that the Skeldon sugar factory perform at the desired level. He said that it is a huge investment given that the country has chosen to remain in sugar.
This decision at this time could prove rewarding given that the world price for sugar is high at this time.
The money from the EU has been overshadowed by that which is coming from Norway through a climate change arrangement Guyana entered into with Norway. By the end of this month Guyana should receive US$70 million from the Norwegians.
Mr Heikens said that all money coming to Guyana through the EU for budget support is linked to performance. The EU looks at the country’s stable macro economic situation, its public financial management and the programme to implement poverty reduction strategies.
The EU has contributed funding for the Enmore Packaging Plant. Asked about monitoring the money, Ambassador Heikens said that once the money goes into the budget there is no way that the EU can trace it.
According to Ambassador Heikens the EU would have no way of knowing how much of the money is actually spent on the packaging plant.
He lauded Guyana for being the first country in the Caribbean region to implement the Economic Partnership Agreement. This will see tariff reductions on goods from both Guyana and Europe.

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