Sun | Aug 20, 2017

Auditor General was wrong on NROCC's $332b debt, figure is really $71b, says finance minister

Published:Thursday | November 12, 2015 | 11:21 PM
Speaking this morning on Cliff Hughes Online on Power 106FM, Finance Minister, Dr Peter Phillips said the correct figure is about $71 billion.

The Government says the Auditor General Pamela Monroe Ellis made a mistake in reporting that the National Road Operating and Constructing Company (NROCC) racked up approximately $332 billion in debt in the past six years.

Speaking this morning on Cliff Hughes Online on Power 106FM, Finance Minister, Dr Peter Phillips said the correct figure is about $71 billion. 

He says the the Auditor General will be issuing a formal correction. 

 

Finance Minister Dr Peter Phillips

The Auditor General had made the claim in a report tabled in the House of Representatives on Tuesday.

READ: NROCC racks up $300b in debt

She conducted an assessment of NROCC's financial statements for financial years 2009/2010 to 2014/2015.

Monroe Ellis said the $332-billion debt exposed the government to financial risks and threatened Jamaica's fiscal and debt targets.

NROCC was established in 2002 and is the government company responsible for ensuring the implementation of the Highway 2000 project. 

It represents the interest of the government under a concession agreement with the developers of the Highway 2000 project. 

Under the concession agreement, the project will revert to the government at no cost, after 35 years.