Privatisation Programme To Resume Shortly

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Government is looking to shortly resume its programme of privatising State assets, which was deferred following the coronavirus (COVID-19) outbreak in Jamaica.

He said that among the pending engagements is the privatisation of the State’s interests in the Jamaica Public Service Company (JPS); the Jamaica Mortgage Bank (JMB); and the Soapberry treatment plant, which spans St. Andrew and St. Catherine.

“There are [also] a number of infrastructure opportunities that are going to come down the pipeline,” he noted.

The Minister was addressing Mayberry Investments Limited’s digital investor forum on Wednesday (January 20).

The privatisation programme was put on hold as the Administration’s shifted its focus to respond to the health crisis by taking steps to cushion the impact of the economic fallout.

“But the timeline has just been shifted out of 2020 and hopefully into 2021… or maybe shortly thereafter,” the Minister noted, while emphasising that “privatisations are a key part of the policy platform going forward”.

Five high-profile divestments have been facilitated under the programme over the last four years, via public-private partnerships, privately negotiated transactions and initial public offers.

These are: the Kingston Container Terminal, Norman Manley International Airport, Wigton Wind Farm Limited, Petcom, and TransJamaican High Limited.

Several smaller engagements, including coffee interests, have also been undertaken.