Tue | May 23, 2017

more business in brief - Phillips to chair public investment committee

Published:Wednesday | September 24, 2014 | 9:00 AM

The Finance Ministry has advised of the formation of a Public Investment Management Committee consisting of 13 members, as provided for under the Financial Administration and Audit (Amendment) Act 2014.

The committee is chaired by Minister of Finance Dr Peter Phillips.

The group will advise Cabinet on "viable prioritised public investment projects proposed for implementation through the Public Sector Investment Programme".

The committee will comprise Phillips, two other Cabinet ministers who are yet to be named, the Financial Secretary, Director General of the Planning Institute of Jamaica, the heads of the Development Bank of Jamaica, Urban Development Corporation, and National Environment and Planning Agency, and Professor Gordon Shirley who is coordinator of the Growth Agenda, Dr Carlton Davis who represents the office of the Prime Minister, the CEO of the Public Investment Manage-ment Secretariat, a representative of a non-governmental organisation and a representative of the private sector.

Guyana reports slight drop in deforestation rate

Guyana's environment ministry says the country saw less deforestation in 2013, thanks to a decrease in gold mining activity.

The ministry said in a statement Saturday that some 12,700 hectares (31,380 acres) of forest were cleared in 2013. That's a decrease of nearly 15 per cent compared to the previous year.

Gold mining commonly requires companies to clear forests. Officials noted that gold production has dropped by at least 20 per cent this year.

The ministry said the report will now face two independent reviews, including one by Norway. In 2009, the Norwegian government promised to give the South American country a grant of US$250 million to encourage it to protect its forests and uphold sustainable mining.

Guyana already has lost US$20 million of that funding because of increased deforestation in 2012.