Opposition Leader Bharrat Jagdeo on Thursday criticised government and Minister of Finance Winston Jordan on the heels of the announced plan to borrow cash from local banks to reopen two sugar estates and to fund critical current and capital Guyana Sugar Corporation (GuySuCo) programmes.
Jagdeo, a former Minister of Finance, called the move nonsensical, while saying government was borrowing without even knowing the current value of the estates up for sale and therefore could not guarantee it would receive the needed sums to repay the incurred debt.
“If they are going to spend US$75 million or GUY$15 billion, how come he knows that they are going to get US$75 million for the two estates? Is he guaranteeing us that the base price for one of the estates would be US$75 million? Why not just allow the investor to take over the liabilities too as part of the negotiation?” he questioned at a People’s Progressive Party (PPP) news conference.
“It is not ….