Following discussions with President David Granger yesterday about the state of the Guyana Sugar Corporation (GuySuCo), the Ministry of Finance (MoF) last evening said that it could not assist the Corporation with a financial bailout as it did not have the funds to do so.
“The Ministry of Finance notes GuySuCo’s request to the Government for a bailout, and wishes to assure that it is actively seeking to assist GuySuCo to access funds that are available to it, to mitigate its present challenges. Notwithstanding however, the prevailing national circumstances, coupled with the challenges of COVID-19 and a reduced national income, render the Treasury incapable of providing a bailout to GuySuCo,” the ministry said in a statement last evening.
The Ministry of Finance’s statement came a day after GuySuCo said that its future hinges on a government bailout as the corporation faces possible closure, having exhausted its finances.
