Jamaican Government Expands Opportunity For People To Own State Assets By Privatizing
The Jamaican government is looking to drastically change the landscape of their economy when it comes to the ownership of state assets, by expanding the opportunity for people to own.
“We are… giving the opportunity to the vast amount of persons to get in on the ownership ladder of the Jamaican economy,” - Minister of Finance and the Public Service, Dr. N Clarke
The Jamaican government will reportedly be looking to divest any underutilized state assets.
“The strategy of the Jamaican Government is, you are only stronger when you have more fiscal space, so …we are looking now, right across the length and breadth of the country, at all the assets that the Government owns. Those that are underutilized, those that are not making a profit and those that are profitable… we are going to place those assets in the hands of the private sector,” - Prime Minister A. Holness
It's alleged that the government is looking to potentially raise more than $5 billion from the sale efforts. The government has insisted that by having the people participate in buying shares in these asserts, that it's going to work to make the country stronger, which is why they're also looking to allegedly make that purchase an affordable one for many.
Some of those state assets that have already been privatized include the government's shares in The Jamaica Pegasus hotel, Caymanas Track Limited, Petcom, and Mavis Bank Coffee Factory.
It's alleged that all assets are being considered for potential privitization. According to the Minister without Portfolio in the Ministry of Economic Growth and Job Creation, D. Vaz, they have finally recognized that the private sector is the engine that drives the growth in the economy.
The Jamaican government has been actively assessing their assets and working closely with the private sector, to broaden ownership in the economy as they believe that this will allow the government to get themselves out of areas that they think should be handled by the private sector.
Quite interesting. I wonder if most of the Jamaicans would own the majority of these lands or properties. Foreign capital maybe? It's a good a chance for
senior officials to launder their possibly not so hard earned dirty money through figureheads; I've heard they stole some money Hugo Chavez stole from us to get friens. Nice overview.
@doitvoluntarily hello dear friend, thank you very much for letting us know this news. I find it a good idea that it can be implemented in other countries.
I wish you a wonderful weekend
Privatization can be an transfer of public interest to well capitalized private parties, and didn't work out very well in Russia. Let's hope against hope Jamaica does it better than Yeltsin.