GuySuCo making strides in production, export – mid-year report shows

─ 38,000 tonnes of sugar exported

─ projects $920M deficit by the end of 2020

DPI, Guyana, Wednesday, August 14, 2019

The Guyana Sugar Corporation (GuySuCo) has made significant strides in its production and exportation of sugar for the first half of 2019. This has contributed to Guyana’s already growing economy.

The 2019 mid-year report, prepared by the Ministry of Finance, shows that at the end of June this year, the sugar corporation recorded a cash surplus of some $843M. This reflects an improved performance when compared to a deficit of $4Billion in the same period last year.

According to the report, total receipts stood at $9.3Billion, of which $4Billion was received from the National Industrial and Commercial Investment Limited/Special Purpose Unit (NICIL/SPU), to fund GuySuCo’s operations and capital projects.

During the first half of this year, GuySuCo was able to export 37,836 tonnes of sugar, with 33,263 sold to the European Union (EU) market, at a price much higher than budgeted. This saw an increase to $1.3Billion in export sales.

The reports show the company’s capital expenditure at $334M, 90% lower than the budgeted amount of $3.4Billion. This, the finance ministry stated, was due primarily to delays in funding capital works. The company is hopeful that its $920M deficit will be achieved by the end of the new fiscal year.

Meanwhile, updating on the operations of the company, Finance Minister, Hon. Winston Jordan said the sale of the sugar estates had been delayed partly due to the current political climate.