Sugar factories bailout does not have to come from Government coffers - Shaw
Finance Minister Audley Shaw is insisting that the funds to bail out two of Jamaica’s struggling sugar factories do not have to come from the Government’s coffers.
The Government is looking to assist the Long Pond sugar factory in Trelawny, owned by Everglades Farms Limited and the Monymusk Sugar Factory in Clarendon, which is operated by Pan Caribbean Sugar Company.
The Government is expected to take over operations at Long Pond for three months to ensure the processing of the current cane crop.
PanCaribbean has indicated that it will not be able to operate the Monymusk factory next year because of financial challenges.
It’s in talks with the Government to immediately handover the cane growing operations to independent farmers and the operation of the factory to the government next year.
Yesterday, Agriculture Minister Karl Samuda was unable to give the House of Representatives the details of how much it could cost to operate the factories the government divested only six years ago.
However, Shaw told the parliament the expense did not have to be a line in the national budget as there are farmers willing to chip in, especially in relation to Monymusk.