Government’s privatisation programme resumes shortly
/ Our Today
administrator
The Government of Jamaica (GOJ) privatisation programme, which was stalled by COVID-19, is to get rolling again in a short time.
That was the word from Finance Minister Dr. Nigel Clarke as he delivered the keynote address at Wednesday’s Mayberry Investments virtual investor’s forum. He told the audience of mostly business people that the divestment programme will shortly get rolling again.
Arguing that the privatisation of government assets was stalled by COVID-19, Clarke said the Andrew Holness administration is now looking to start with three state assets that are now on the auction block. The three are the GOJ’s equity interests in the Jamaica Public Service Company as well and its wholly owned assets of the Jamaica Mortgage Bank and the Soapberry treatment plant, which spans St. Andrew and St. Catherine.
PRIVATISATION KEY PART OF GOVERNMENT’S FORWARD PLAN
Clarke hinted at other possible state assets in the area of infrastructure that will be privatised without going into great detail. Explaining that privatisation is a key party of the government’s forward plan, Clarke noted that it has to be taken off the front burner with the Government shifting its focus to respond to the health crisis caused by COVID-19.
He said the Holness administration has to move quickly, taking steps to cushion the impact of the economic fallout from the pandemic. The finance minister pointed to five high-profile divestments that have been facilitated under the government divestment programme over the last four years via public-private partnerships, privately negotiated transactions and initial public offers.
These comprise the Kingston Container Terminal, Norman Manley International Airport, Wigton Wind Farm Limited, Petcom and TransJamaican High Limited. He highlighted that several smaller divestments have taken place including the government’s interest in coffee.
Comments