Issue of debt slowing down gov’t divestment process - Business - JamaicaObserver.com: "The Ministry of Finance and Planning (MOFP) — now the Ministry of Finance and Public Service — has indicated that it is entirely the decision of Cabinet as to whether or not debt associated with entities to be divested will be absorbed by the government or not.
The statement comes alongside commitments to the International Monetary Fund (IMF) to reduce such assignments of debt — a promise which has apparently slowed down the divestment process of several government-owned assets.
The latest of these is the Norman Manley International Airport (NMIA), where bidders have been advised that debt owed by the entity will have to be serviced out of revenues.
In a response to the Jamaica Observer, the Finance Ministry said that the GoJ/MOFP is “not considering the absorption of the debts of the NMIA. There is a dedicated fund for debt servicing and this will be retained by the parent, the Airports Authority of Jamaica, for the liquidation of the current debts of the NMIA”."
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Tuesday, March 8, 2016
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