Govt seeks additional funding for rice and sugar industries

Georgetown: Today the National Assembly will debate three financial papers including a proposed $4.5B in supplementary funding to the sugar and the rice sectors.

Minister of Finance Dr. Ashni Singh tabled the supplementary papers in early November as part of government’s initiative to further boost the two sectors.“This year we have seen the rice industry surpass its target which will undoubtedly boost our economy if we continue to exhibit confidence and invest further in this sector,” said Minister Singh. “In addition, the challenges faced by the sugar industry are well known and continued support to this industry is critical to ensure its long term viability.”

The minister explained that the $4.5B is part of government’s larger initiative to ensure the two industries continue its competitiveness and expand to new markets.

“This government has made significant investments in both industries and in areas that will directly support its continuity, such as drainage and irrigation, research and the pursuit of an aggressive plan for the upgrade and rehabilitation of facilities nationwide,” said the minister.

Guyana has exported about US$158M worth of rice for the year, while it is expected to fulfil its contractual obligation with Venezuela for rice and paddy by year end.

The 2013 Guyana-Venezuela rice deal stipulates that Guyana would export 110,000 tons of white rice and 81,000 tons of paddy to Venezuela during the course of the year.

In the sugar sector, Guyana has produced approximately 183 thousand tons todate.

“If we, as a nation, want to increase our productivity and ultimately our economic prosperity, we have to continue to invest in infrastructure, technology, research and skilled personnel,” Minister Singh said. “I expect that the National Assembly will see the value of this investment and support the motion to pass this supplementary budget as it is.”

The Finance Minister, during the last sitting of the National Assembly, tabled three supplementary papers for funding to several projects and ministries which are expected to be debated today.