The Guyana Sugar Corporation (GuySuCo) is currently unable to pay workers their wages and salaries this month as it is still awaiting a disbursement of $750 million from government’s holding company, the National Industrial and Commercial Investments Limited (NICIL), a source close to the corporation has said.
This setback is likely to upset the start of the second crop, which is scheduled for next week industry wide. “This position will affect the corporation tremendously. With no money workers might not want to turn out for the second crop season. That will throw off production and the company will not be able to meet crucial production deadlines. There is an obligation to ship out sugar by the third week of August. If that is not done, they can lose the market,” the source told Stabroek News.
GuySuCo has been mainly operating through earnings from sugar and NICIL’s previous disbursement of $250 million.
