Wed | Aug 16, 2017

Gov't aiming to pay off JUTC $1.2 billion debt in three years

Published:Tuesday | February 28, 2017 | 2:18 PM

The Jamaica Urban Transit Company Limited is aiming to pay off  its $1.2 billion debt with the state-owned oil refinery, Petrojam, in the next three years.

Finance and the Public Service Minister Audley Shaw said the Government has allocated $400 million in the budget for the upcoming fiscal year to pay down on the debt.

Shaw said to avoid the accumulation of additional debt sums have been set aside in the budget of the transport ministry to pay down on current fuel charges.

He was addressing the Standing Finance Committee of Parliament on Tuesday.