The recent disbursement of $250 million to the Guyana Sugar Corporation (GuySuCo) by the National Industrial and Commercial Investments Limited (NICIL) under the $30 billion syndicated bond for the industry will be used mainly to pay its creditors and allow the corporation to honour its weekly wages payroll.
A source from the corporation told this newspaper that the disbursement will assist the company to pay its transportation contractors, purchase fuel, some materials for maintenance at factories during the out of crop period, in addition to meeting the wages payroll and other expenses.
However, it was disclosed that GuySuCo would still require additional money to meet its July monthly payroll and be able to effectively prepare for the second crop season that is scheduled to start later this month.
