OVER a period of time, money was transferred by the previous Administration from the PetroCaribe Fund to other entities, for the financing of various projects, Prime Minister Moses Nagamootoo highlighted Tuesday evening as he delivered an address at the ceremony to commemorate Enmore Martyrs’ Day.“We also have a very difficult situation facing rice, because as you know, we were doing a good trade with Venezuela and we insist on continuing our good relationship with Venezuela with regard to trading,” the Prime Minister explained to the residents, Government officials and members of the Diplomatic Corps gathered at the Enmore Martyrs’ monument site, East Coast Demerara.
Prime Minister Nagamootoo highlighted that not only is the sugar industry in trouble, but Government recently discovered money is missing from the PetroCaribe fund.
Under the Guyana/Venezuela PetroCaribe deal, Guyana trades rice with the neighbouring country in exchange for fuel on concessionary terms.
According to Prime Minister Nagamootoo, US$115 M was transferred to the Guyana Power and Light (GPL), while US$10 M was transferred to the Ministry of Housing for various housing projects, and US$16 M was used for the Hope Canal project.
This, the Prime Minister said, was never disclosed by the previous Administration, as they always peddled information suggesting that funding for the Hope Canal was being taken from the Treasury.
The transfers have left the PetroCaribe Fund practically bankrupt, as the Government is now seeking ways to aid the rice industry.
“…As I left Cabinet, (on Tuesday) President Granger was continuing the discussion with my colleagues to find money so that we can pay rice farmers when crops come up, and for rice they had sold and (for which they) did not receive money.”
It was pointed out by the Prime Minister that the previous administration not only brought down the sugar industry, but the rice industry is now tethering on the verge of “real danger.”
The Prime Minister said that after years of bad governance, the new Administration needs cooperation and support in going forward.(GINA)