M&CC settles arrears of $63M with GPSCCU
─ employees free to access loans
DPI, Guyana, Friday, March 27, 2020
The Georgetown Mayor and City Council on Friday announced that it has successfully settled its arrears with the Guyana Public Service Co-operative Credit Union Limited (GPSCCU).
Mayor of Georgetown, His Worship Pandit Ubraj Narine told DPI that a total of $63Million was paid to the Union and has since cleared the Council’s debts.
This major achievement, the Mayor said now provides a better relationship for his members of staff and the GPSCCU.
“When I became Mayor that was the amount owed. From then to now we have cleared off that $63 plus million. We tried to pay an average of $5 million monthly to the credit union,” the Mayor explained.
According to City Treasurer, John Douglas, payments to the account commenced in March of last year and were completed last month.
Douglas disclosed that dependent on the municipality’s monthly cash income, approximately $5Million was deposited at GPSCCU. He said the previous situation had significantly affected employees at the City Council.
“They were unable to access service from the credit union; they could not have access loans. Interest was accumulating on persons who had outstanding loan balance,” he disclosed.
“The account is paid in full and we will continue to honour our obligations to make sure that such situation does not reoccur,” Douglas remarked.
The GPSCCU is a financial institution that offers loans to its members who are or have been employees in the Public Sector of Guyana.