Expenditure on CWC will not be Recouped Immediately – Finance Minister


Minister of Finance and Planning, Dr. Omar Davies has said while expenditure on the ICC Cricket World Cup (CWC) 2007 would not be recouped immediately, Jamaicans should be proud of the assets that would remain after hosting the event.
These include the newly upgraded state-of-the-art Sabina Park and the brand new Trelawny multipurpose stadium.
“A year ago in Parliament I unambiguously stated that I did not expect to make this [expenditure back] but we had made a commitment and therefore went ahead with the investment. So, I am not sure why the surprise, but I am not surprised at what has happened,” he told journalists at a recent press conference at his offices in National Heroes Circle.
He said the current task at hand was how to maintain the assets as well as maximize their usage. “They are assets that you can subsequently earn from,” he added.
The Finance Minister acknowledged that there would be the usual challenge of maintaining such assets, and stressed that he would be taking a personal interest regarding this issue.
“My frank assessment is that what you are dealing with is a major plant and if you assume that your maintenance cost will be perhaps 10 per cent of your initial capital cost, the 10 per cent you are dealing with is a major commitment,” he said.
“It is just like the National Stadium, built in 1962. A lot of persons felt that it was splurging, but now I think of how often you . use the stadium. The fact is that you could not have Boys and Girls Championships now, if you did not have the National Stadium,” the Minister emphasized.
The region reportedly spent in excess of US$200 million to either build brand new stadia or renovate existing venues to stage the 49-day spectacle, which is still in progress.

JIS Social