Privatisation of Jamaica Railway Corp. stalls and sputters
Radio Jamaica: Apr 24, 2007
The Government has admitted that activities for the privatisation of the Jamaica Railway Corporation (JRC) have not progressed as expected.
For nearly a decade efforts have been made to place the JRC's assets in private hands but a sale agreement is yet to be finalised despite a series of negotiations.
A Finance Ministry report on the revenue and expenditure of public entities says the Government will continue efforts to privatise the JRC.
The report states that the operations of the JRC have been significantly reduced since the suspension of rail services in October 1992.
The Jamaica Railway Corporation is currently engaged in carrying on limited activities in respect of maintenance of track, gate keeping and locomotive repairs as required under the Track User Agreement with WINDALCO.
From these activities $73 million is expected to be realised with total expenses of $109 million.
This will result in a deficit of just under $36 million.