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Fresh details about Jamaica
's financial obligations under the controversial agreement for the forward sale of alumina have revealed that the country will face far more losses than initially reported.
Prime Minister Bruce Golding disclosed during Tuesday’s sitting of Parliament that the Government is saddled with a debt of $1 billion a month to satisfy conditions of the agreement which was negotiated three years ago by the previous administration.
He said the figure is far greater than the one presented by the Finance Minister a week ago.
It was during the lengthy question and answer session that Prime Minister Golding disclosed the mound of debt his Government has been tackling as a result of the Alcoa deal.
The Prime Minister was livid as he backed up claims by Finance Minister Audley Shaw that the Government has to contend with debt obligations including that of the Alcoa forward sale agreement were not disclosed by the previous administration.
Mr. Golding said Jamaica's debt stock is continuing its unrelenting climb casting light on what he characterised as unplanned fiscal pressures after signing a new wage deal with public school teachers which will cost $15 billion.
“… nor did we plan for the losses that we’re incurring at Clarendon Alumina Products which are now between US$16 and US$25 million per month, per month … we’re losing $1 billion per month,” he said.
Bi-partisan support needed for Supplementary Estimates
As members of the Opposition maintained a stony silence in chambers, Mr. Golding stated that the obligations which guarantee a fixed price for alumina are costing the Government more that the monthly debt accumulated by Air Jamaica .
According to the Prime Minister, chipping away at the mountain of debt brought on by the forward sale deal will require bipartisan support when the Supplementary Estimates of Expenditure is tabled before year end.
“When the minister unburdens himself of these issues when he brings the Supplementary Estimates, let everybody on both sides of the house understand that we have to help him carry that burden,” said Mr. Golding.
's financial obligations under the controversial agreement for the forward sale of alumina have revealed that the country will face far more losses than initially reported.
Prime Minister Bruce Golding disclosed during Tuesday’s sitting of Parliament that the Government is saddled with a debt of $1 billion a month to satisfy conditions of the agreement which was negotiated three years ago by the previous administration.
He said the figure is far greater than the one presented by the Finance Minister a week ago.
It was during the lengthy question and answer session that Prime Minister Golding disclosed the mound of debt his Government has been tackling as a result of the Alcoa deal.
The Prime Minister was livid as he backed up claims by Finance Minister Audley Shaw that the Government has to contend with debt obligations including that of the Alcoa forward sale agreement were not disclosed by the previous administration.
Mr. Golding said Jamaica's debt stock is continuing its unrelenting climb casting light on what he characterised as unplanned fiscal pressures after signing a new wage deal with public school teachers which will cost $15 billion.
“… nor did we plan for the losses that we’re incurring at Clarendon Alumina Products which are now between US$16 and US$25 million per month, per month … we’re losing $1 billion per month,” he said.
Bi-partisan support needed for Supplementary Estimates
As members of the Opposition maintained a stony silence in chambers, Mr. Golding stated that the obligations which guarantee a fixed price for alumina are costing the Government more that the monthly debt accumulated by Air Jamaica .
According to the Prime Minister, chipping away at the mountain of debt brought on by the forward sale deal will require bipartisan support when the Supplementary Estimates of Expenditure is tabled before year end.
“When the minister unburdens himself of these issues when he brings the Supplementary Estimates, let everybody on both sides of the house understand that we have to help him carry that burden,” said Mr. Golding.
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