Finance Minister Says Transformation is About Efficiency

Photo: JIS Photographer Finance and Public Service Minister, Hon. Audley Shaw, addressing Thursday’s (Oct. 13) joint press conference at the Office of the Prime Minister (OPM) where details of a new three-year US$1.7 billion precautionary standby successor agreement for the existing International Monetary Fund (IMF) Extended Fund Facility (EFF), which concludes in March 2017, were outlined. (FILE)

Story Highlights

  • Minister of Finance and the Public Service, Hon. Audley Shaw, says the public-sector transformation programme is about efficiency and economic wealth for Jamaica, and not people losing jobs.
  • The Government has set up a Public-Sector Transformation Oversight Committee (PSTOC) to monitor the implementation of the programme.

Minister of Finance and the Public Service, Hon. Audley Shaw, says the public-sector transformation programme is about efficiency and economic wealth for Jamaica, and not people losing jobs.

Addressing the Mayberry Investor Forum, held on January 18 at The Knutsford Court Hotel, in New Kingston, Mr. Shaw said for the process of wealth creation to move forward, there must be a public sector that is responsive and supportive to private-sector initiatives.

He said the divestment of Caymanas Track Limited (CTL) is a typical example of how the Government is reforming the system.

“We are going to divest (CTL), which has been a burden on the Government, with a subsidy of at least $300 million a year,” he said, noting that the entity will be divested to Supreme Ventures Limited, which will be pumping some $1 billion into the company.

“They will embrace the diaspora, where Jamaicans who love horse racing will be betting at Caymanas. It is not about people losing jobs, it is going to be more people getting jobs,” the Minister said.

He argued that with the divestment of the racing entity, the Casino Gaming Commission, which spent more than $60 million last year without issuing one licence, will merge with the Jamaica Racing Commission (JRC) and the Betting, Gaming and Lotteries Commission (BGLC) into the Jamaica Gaming Commission.

“There you have a classic example of divestment for greater efficiency, greater employment, making it bigger and better, while pulling the regulatory agencies together,” he said.

The Government has set up a Public-Sector Transformation Oversight Committee (PSTOC) to monitor the implementation of the programme.

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