Headlines:
| Multi-billion dollar projects put on hold |
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| Friday, 09 January 2009 | |
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Reports are emerging that several multi-billion dollar
investment projects which were close to being implemented will have to be put
on hold, or the timetable for their start up adjusted, due to the effects of the
global financial meltdown. The Bruce Golding administration is admitting that some of the projects have been hit hard by the international crisis which is forecast to worsen in coming months. The matter was discussed during the National Planning Summit convened by the Office of the Prime Minister (OPM) on Wednesday. A statement on Thursday night by the OPM quoted Mr. Golding as saying that plans for investment projects will have to be adjusted as the availability of credit has been curtailed. The Prime Minister said there will be a slowing down of the pace that the Government had expected investment activity to take place. As a result he said critical decisions will have to be made regarding the sale of sugar factories and the privatisation of Air Jamaica. However, he said there was still a glimmer of hope. Spanish investors this week advised the administration that they will be proceeding with the construction of one thousand additional hotel rooms and a 700 room luxury villa despite the global downturn. |