Govt. Allocates $4.19 Billion for Loans used on Projects

A sum of $4.19 billion has been set aside to provide for the repayment of loans raised from commercial banks to finance water and sewerage projects; working capital support for the Jamaica Urban Transit Company Limited (JUTC); and loans for the Sugar Company of Jamaica, assumed by the Government.
According to the 2008/09 Estimates of Expenditure, now before the House, the loans were also used for other budgetary expenditures, including some related to deferred financing facilities.
An allocation of $2.11 billion has also been made for the repayment of special issues of local registered stocks made in respect of the government’s intervention in the financial sector, through the Financial Sector Adjustment Company (FINSAC) and the Financial Institutions Services Limited.
In addition, $100 million has been allocated for the partial redemption of Treasury Bills issued by the Government, pursuant to the Treasury Bills Act, for short term financing to meet temporary cash needs arising from fluctuations in revenue flows.