Guyana has been in receipt of more than €25 million in development assistance from the European Union (EU) as at December 2009, according to a press release issued by the EU yesterday.
It was also noted in the release that as part of the EU funded multi-annual Sugar Programme 2007-2010, a payment of €19.3 million has been handed over to the Government. The intent of this fund, the statement said, is to help improve the competitiveness and viability of the Guyanese Sugar Industry. This assistance, it was noted, is provided through a direct budget support mechanism and the disbursements are made based upon the achievement of performance indicators that monitor the implementation of the sector policy in sugar.
The EU, the statement added, formulated its overall response strategy following the submission of the Guyana National Action Plan on Sugar in March 2006.
Further, the release said another payment of €6.13 million was done in the framework of the Poverty Reduction Budget Support to Guyana which commenced in 2004 and has an envelope of €41.2 million.
It was revealed that the programme is executed through the disbursement of fixed and variable tranches directly to the national budget to bridge the budgetary gap. To date, a total sum of €33.43 million out of the €41.2 million has been disbursed for that purpose, the release added.
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