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Ex-Im Bank being asked to help manufacturing sector
Monday, 27 October 2008
The Government has unveiled a major plan to provide liquidity support to members of the manufacturing sector whose lines of credit have been cut off by their suppliers because of the slowdown in the economy.
Minister of Finance Audley Shaw has approached the Ex-Im Bank to provide funds to manufacturers who are in need of cash to purchase raw materials and other supplies.
The Finance Minister announced the plan in an interview with RJR News.
He disclosed that the administration is looking at other initiatives to keep the manufacturing industry afloat.
"And I am now having talks with the Ex-Im Bank with a view to finding resources to assist manufacturers who are in need of additional funding for credit for raw material acquisition because they too are being burnt, in the sense that the normal lines of credit which they could access are in a sense drying up," he said.
The move follows complaints from manufacturers and exporters that they no longer enjoy 45 or 60 days credit from their suppliers, who are now in some instances asking for cash up front.
They have linked the change to the effects of the global financial crisis.
http://www.radiojamaica.com/content/view/12728/26/
Monday, 27 October 2008
The Government has unveiled a major plan to provide liquidity support to members of the manufacturing sector whose lines of credit have been cut off by their suppliers because of the slowdown in the economy.
Minister of Finance Audley Shaw has approached the Ex-Im Bank to provide funds to manufacturers who are in need of cash to purchase raw materials and other supplies.
The Finance Minister announced the plan in an interview with RJR News.
He disclosed that the administration is looking at other initiatives to keep the manufacturing industry afloat.
"And I am now having talks with the Ex-Im Bank with a view to finding resources to assist manufacturers who are in need of additional funding for credit for raw material acquisition because they too are being burnt, in the sense that the normal lines of credit which they could access are in a sense drying up," he said.
The move follows complaints from manufacturers and exporters that they no longer enjoy 45 or 60 days credit from their suppliers, who are now in some instances asking for cash up front.
They have linked the change to the effects of the global financial crisis.
http://www.radiojamaica.com/content/view/12728/26/