A deficit of $920 million is being projected by the Guyana Sugar Corporation (GuySuCo) at the end of this year.
This was revealed in the country’s mid-year economic report that was released by Finance Minister Winston Jordan last Wednesday. Audited end of year figures for GuySuCo have not been available for the last five years to enable a clear picture of how the company has been doing amid continuing government subventions, bond financing and major revamping of the industry.
At the end of June this year, GuySuCo had recorded a cash surplus of $843 million, a huge improvement from last year’s deficit of $3.8 billion for the same period and most likely linked to inflows from bond financing.
