Govt. vows to continue bailout of GPL, GuySuCo - Attorney General

Govt. vows to continue bailout of GPL, GuySuCo – Attorney General

Apr 14, 2012 News

– Commercial Registry under creation to deal with mortgages

Government yesterday vowed to continue plugging more money into the ailing state-owned

Attorney General, Anil Nandlall

Guyana Sugar Corporation (GuySuCo) and Guyana Power and Light Inc. (GPL), despite criticisms.
During his presentation yesterday in the National Assembly as the 2012 National Budget debate continued, Minister of Legal Affairs, Attorney General Anil Nandlall, said that the fallout from not doing so is unthinkable.
The budget has allocated $6B to GPL and $4B to GuySuCo. GPL has said that higher fuel prices had resulted in severe losses last year and that it is likely to incur hundreds of millions of dollars more this year.
The 2012 budget is a page taken from the People’s Progressive Party/Civic’s development agenda which dates back since 1993, he said.
“No budget in the world can offer solutions” to every issue, he said…”We have taken 19 years and we have made monumental progress.”
Drawing a comparison to the administration of the People’s National Congress, Nandlall painted a picture of destruction with Guyana’s finances in tatters at the time when the PPP took power.
Now, in 2012, the country continues along a path of growth, with 100,000 families benefiting from housing and another 6,500 expected to receive lands this year.
Government cannot stand idly by and accept that 100,000 persons depend on the sugar industry nor 160,000 subscribers and families being unable to stand under a 20 per cent tariff hike.
The administration stands prepared to bail out both GuySuCo and GPL this year and next year and the following year if the need arises.
This assistance will be similar to that given to policyholders of CLICO after they were left in limbo following the belly-up of that company.
It was also similar to assistance given to the bauxite industry for 20 years when especially the Region Ten area suffered after the plants there closed, the Minister said.
He lashed out at PNC for passing legislation to gag executives of state companies from speaking of operations and other transactions. This was the Act dubbed 2 of 82.
There are several projects now in the pipeline that are coming to fruition. These include a rehabilitated Magistrate’s Court at Leonora, West Coast Demerara which is to be opened soon, and major works on the offices of the Director of Public Prosecution and Attorney General.
In addition to major improvements to the High Court libraries, a significant, long-awaited project to update the law books of Guyana to reflect changes up to 2010 is nearing completion with law reports also being placed online.
The Deeds Registry is also being given greater autonomy which will vest more authority in officers and reduce travelling and delays in processing transactions.
The National Gazette is also to be placed online shortly, he said.
This will also come when moves are underway to create a Commercial Registry, thus reducing the volume of work at the Deeds Registry.
According to Nandlall, this is imperative in light of the fact that there is a dramatic increase in the number of mortgages and a number of businesses opening which have created a headache for that government agency.
The Land Registry has already been placed under the Ministry of Legal Affairs, he said.