Gov’t to Identify Additional Assets for Divestment
By: , May 25, 2016The Key Point:
Photo: Mark Bell
Prime Minister the Most. Hon. Andrew Holness (right), having a light exchange with Minister of Finance and the Public Service, Hon. Audley Shaw, in the House, yesterday (May 24). The Prime Minister made his contribution to the 2016/17 Budget Debate.The Facts
- The Prime Minister noted that where possible, the Government intends to apply proceeds of divestment to either increasing capital expenditure or towards the repayment of debt.
- Sale of the Commercial assets of the Cocoa Industry Board and privatisation of 42.6 per cent of the shares in KIW International are also in progress.
The Full Story
The Government will be seeking to identify additional state owned assets for divestment, in its push to accelerate its privatisation programme.
This was disclosed by Prime Minister the Most Hon. Andrew Holness, during his contribution to the 2016/17 Budget Debate in the House, yesterday (May 24).
Mr. Holness said this accelerated programme aims to achieve higher micro-economic efficiency, promote economic growth and reduce public sector borrowing.
The Prime Minister noted that where possible, the Government intends to apply proceeds of divestment to either increasing capital expenditure or towards the repayment of debt.
“The Government intends to work with our international institutional partners and advisors to improve on the framework for divestment to maximise on value while minimizing on time,” he added.
The entities being looked at, or are in the process of being divested include the Kingston Container Terminal, which is expected to be completed shortly; Caymanas Track Limited; Jamaica Railway Corporation; Jamaica Mortgage Bank; Wigton Wind Farm; Norman Manley International Airport; and Petrojam Ethanol.
Sale of the Commercial assets of the Cocoa Industry Board and privatisation of 42.6 per cent of the shares in KIW International are also in progress.