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Works projects could stimulate economy - Chung
2012-05-11 10:17:13 | with audio | (0 Comments)
Debbie-Ann Wright, News Editor
The Gleaner/Power 106 News Centre
Financial analyst, Dennis Chung, says three controversial works projects will be very important, if the government hopes to kick start the economy.
The projects are the North-South Link of Highway 2000, the Gordon Cay Container Trans-Shipment Hub and the Fort Augusta Container Terminal.
Chung said they will have increased significance in light of the tight budget tabled by the finance minister, Dr. Peter Phillips yesterday.
The Government of Jamaica tabled an expenditure budget of $612.4 billion in the House of Representatives yesterday.
This budget reflects above-the-line expenditure of $277.72 billion and amortisation payments of $198.17 billion.
Chung said this means the government will not have room to spend.
He said the works projects, will therefore be even more important as it relates to stimulating economic activity.
The three projects have been the centre of controversy ever since works minister, Dr. Omar Davies, announced them last month.
The office of the Contractor General has raised concern that the projects are the result of unsolicited proposals.
The OCG said it believes that method of public procurement could give rise to corruption.
The government’s decision to set up a panel to oversee the execution of the contracts has led to a clash between the works minister and the OCG.
The OCG has accused the government of seeking to bypass the office, but the government has countered that it has set up the panel to ensure than the projects are not held up by lengthy OCG investigations.
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Financial analyst, Dennis Chung.
Source: The Gleaner/Power 106 News
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