Sell Goat Island to the Chinese and settle some of our massive debt

I am going to back track on something I wrote about selling of crown land and in this case I will make an exception.

I am urging that the Jamaican Government to undertake an EIA on GOAT island, which I am sure will not turn up too much issues and at the end of the process move to sell Goat island to clear up a part of our debt.

This would achieve a number of  things in a hurry.

  1. Lower our Debt to GPD ratio to well below 100
  2. Lower our interest payment from $0.60 on every dollar to a much lower figure.
  3. Provide more money for capital expenditure, health, education, national security etc
  4. Spur economic activity given government has more money to do more things.
  5. Achieve IMF debt reduction ratio long before 2016
  6. Increase business and consumer confidence
  7. Put Jamaica back on the path to growth

The Chinese wants the land ( two islands), which  have it sitting there ( for “donkey years) doing nothing. It about time we stop getting sentimental and do something practical to save this country from descending into anarchy.

I beg however that Robert Pickersgill and Omar Davis NOT be a part of the process in determining the sale price and or any conditions to do with the sale as their track record on matters such as these are appalling.

I am using this medium to encourage the Prime Minister and the Investment Minister to seek the services of someone who can give a fair valuation of these islands to ensure we get the best possible deal,

We need to move in a hurry because money likes a home.

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6 Responses

  1. This will not solve our problems. Even after selling Goat Islands and reduce our debt in a matter of a few years we will be right back where we were before.

    We failed to fully capitalize on bauxite and tourism. With this logistic hub I am skeptical that we will benefit enough from it. The Chinese will dangle a few dollars in front of us and like hungry dogs we will quickly gobble it up and will be hungry shortly after. This is while the Chinese will be laughing all the way to the bank.

    • Deep down I think you are right given that the PNP is in power and they have not a clue how to manage any economy in good or bad times.

      I guess they are doing a “Roger Clarke” on all of us.

      What to kow what Roger Clarke or Roger that is, just look at today’s cartoon the Gleaner and Observer.

      Sent from my BlackBerry® wireless device from LIME.

  2. I thought the sale of our landing slots at Heathrow Airport has cleared off our debt. One does not sell assets to clear debts – you make the assets work. It is my view that the Chinese want Goat Islands as a colony separate from our mainland – they are very strategic, long-term thinkers.

    • We need to ensure we maximize the potential from these Islands, but we cannot wait for ever.

      We need to pay down some debts now to allow the Government some wiggle room to enhance spending and a long term lease will not allow for this to take place.

      We have to ensure we strike a good deal on the sale , that is an absolute must. My only fear is the PNP has NEVER been good in consummating deals such as these resulting in significant losses to the country.

  3. Christ, what the f@$k is it with you China lovers man? If we sell Goat Island, we will just go back to , say 2007 debt levels, and then creep, or rather JUMP, back to present debt levels. Look, the problem is not our debt, it is never our debt, its what we do with the debt. But back to Goat Island a second. We don’t want to sell it. What is happening is the revival of Bustamante’s old “Industrialization by Invitation” (aka Neo-Colonialism) by the PNP, where we give away our natural resources (like bauxite in the 50s) and screw our people over. See the half a million Jamaican farmers forced to migrate to Kingston and overseas due to the bauxite company destroying their lands. The consequences have been food shortages that not even Manley’s ’74 levy could fix.

    And what shall we get in return? Nothing much. Just like the Spanish hotels, highways, and for that matter , the bauxite companies and banks when they came here, they will use their own people, own manages, own techniques, and own technology. As our debt is mostly to financial institutions, we will receive no long term, sustainable benefit.

    Also, people who live in the Caribbean face these things called hurricanes. Hurricanes need bodies of water to strengthen (yes, yes bear with me). Bodies of water can be blacked using mangroves, coral reefs and land bodies with hills and mountains. So when we go dynamiting the hell out of the place, ereefs, mangroves and hills, what is gong help protect St, Catherine from hurricanes?

    Let’s stop this get rich quick crap. Eddie Seaga is right. We’re going to need to control the FX market with auctions again. Then we need to grow GDP by rejecting this IMFsilliness, instead of trying to shrink the denominator (debt.). Get rich schemes like this fail to acknowledge the fact that things are going to get worse before they get better.

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