JIS News

KINGSTON — The Sugar Company of Jamaica Limited and Air Jamaica are to receive grants totalling $7.1 billion to meet legacy payments arising from the divestment of both entities.

As contained in the 2011/12 Estimates of Expenditure, now before the House of Representatives, the Sugar Company of Jamaica Limited is to receive $2.6 billion, while Air Jamaica will get $4.5 billion.

Meanwhile another $69 million of budgetary allocation will facilitate the establishment of the International Financial Services Centre (IFSC). The Centre will serve to provide financial services for clients outside of Jamaica’s jurisdiction and seeks to enhance job creation, diversification of the economic base and real estate development.

This initiative is concerned with the establishment of a public and private sector partnership to actualise the objective of the Government of Jamaica to create an internationally respected and commercially viable international financial sector. The sector, once established, is expected to offer the widest possible range of financial services and products to its constituents.

Additionally, some $2.7 billion has been allotted in the Estimates for Consolidated Fund payments; while another $75 million will facilitate the undertaking of a property evaluation exercise in accordance with Section 11 of the Land Valuation Act, which provides for a revaluation exercise to be done every five years.

A contingency provision of $1.5 billion has also been set aside in this year’s budget to deal with national emergencies arising from natural disasters.

Also, the Students’ Loan Bureau is to be further supported with an allotment of $150 million.

 

By ALECIA SMITH, JIS Reporter