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PM says Jamaica will not negotiate any new loan programmes with Chinese partners

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PM says Jamaica will not negotiate any new loan programmes with Chinese partners

by Myesha Broadie

Prime Minister Andrew Holness has indicated that Jamaica will not negotiate any new loan programmes with Chinese partners, in a bid to avoid adding to the country’s debt.

Holness just completed an official visit to China where he held bilateral meeting with President Xi Jingping.

A statement from the Office of the Prime Minster today (November 10) said that cooperation between Jamaica and China on infrastructure will continue, however the government, in keeping with its firm commitment to reduce debt rapidly, would not negotiate any new loan programmes.

Holness said infrastructure projects will take the modalities of joint venture partnerships, public private partnerships, or private sector transactions directly between Jamaican firms and Chinese firms, as the normal course of business.

Under the new cooperation framework, investments will be more strategic and focused on the development of special economic zones and logistics hubs, urban centre development, water and sewerage, agriculture, and affordable housing.

The prime minister said these areas were strategic for investments because they could be pursued on an open, profitable commercial basis, within fiscal incentives allowed by the law and without government necessarily incurring more debt or having to take an equity stake.

He also noted that the areas were strategic because they aligned with the government’s objectives of stimulating growth, creating jobs, and building resilience in Jamaica’s economy.



News Credit: IrieFM | Read here https://www.iriefm.net/pm-says-jamaica-will-not-negotiate-any-new-loan-programmes-with-chinese-partners/

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