SUGAR workers will get their retroactive payment before Christmas after all, Guyana Sugar Corporation Inc. announced yesterday after reaching agreement with a consortium of local banks and international creditors.

The corporation said it had been unable to make an announcement before but “after diligent efforts over the past few weeks” it is now in a position to honour the retroactive payments to employees before the Christmas holidays.

The three per cent retroactive pay hike was decided by the Arbitration Tribunal set up after sugar workers went on strike over higher pay.

The corporation said it could not have made a public confirmation earlier on fast tracking payments until it was in a position to access such funds.

It said that to facilitate the retroactive payment based on the 3% increase, management has decided not to pay its creditors until late January next year, asking them for their continued understanding at this difficult time.

GuySuCo said it will also be discounting sales of its molasses at a significant cost.

The corporation said that Tate & Lyle, its UK customer, has agreed to advance it money on the basis of the next shipment of sugar to the firm.

“We do appreciate their support at this time (and this has not been the first occasion)”, it said.

Additionally, it has deferred an ING loan installment to the last week this month and thanked ING for its understanding.

GuySuCo said the balance of funds to meet the retroactive payment to workers has come from an emergency loan from a consortium of local banks agreed at a meeting yesterday afternoon.

The consortium included the Bank of Nova Scotia, Citizens Bank and Demerara Bank, it said.

The corporation said that payment of the Annual Production Incentive, as is traditional, will be made in late January and discussions are still ongoing with the Guyana Agricultural and General Workers Union (GAWU).

GuySuCo urged workers and their unions to engage in dialogue to address their concerns, rather than strikes and protests, which are only aggravating the problems that confront the industry.

“A responsible approach is needed not only to address the situation of workers but also the state of the company which provides the employment. An important objective for the corporation is to provide job security for its people.

“We do hope that our turnaround plan is given a chance to succeed so we can live up to our promise to workers and other stakeholders of a sustainable and viable Guyana sugar industry”, it said.