CAP negotiations to be completed up by year end

Negotiations surrounding the divestment of Clarendon Alumina Production Limited, CAP, are expected to be completed by year end.

This was disclosed by Cabinet Secretary, Ambassador Douglas Saunders who addressed Parliament's Public Administration and Appropriations Committee Wednesday.

"My latest understanding is that there was an expectation that there would be conclusion in those negotiations by the end of thee year.  The problem with the privatization is that you are negotiating.  Once you get into the stage where you have a preferred bidder in a negotiation and there is no no guarantee as to any time frame.”

The government is moving to complete the negotiations as part of the requirements for the standby loan agreement with the International Monetary Fund.

The debt-riddlen entity has also been accumulating millions of dollars in losses and its divestment is considered very important to the public sector rationalisation plan.

Ambassador Saunders also gave an update on other entities to be privatised.

These are Wallenford Coffee, Caymanas Track Limited, Wigton Wind Farms, Jamaica Railway Corporation and Jamaica Exotic Flavours and Essences.

Ambassador Saunders said the process of privatising assets and entities owned by the Sugar Corporation of Jamaica was  underway but explained that  there was no clear timeline for the completion of the negotiations or their success.