Where did all the $332b (money) NROCC borrowed, go ?

When I first read that the AG found that the NROCC debt was $332b I said that must have been a printing error, but I have now come to the realization that the figure is real.

From what I have learnt thus far NROCC is a holding company and is joint partner with TransJamaica Ltd t for the Highway 2000 project.

In the arrangement signed by the PNP and which in effect today, TransJamaica takes all the revenue, but NROCC assumes its portion of the debt with zero revenue to offset this debt, leaving NROCC with total debt ( Principal + Interest payments) of debt, equal to 50% of the entire budget of the country.

Now given the fact that a significant portion of this would have been the actual money borrowed and with no cash on hand it is reasonable to assume that this money was spent and if so what was it spent on.

If you inject lets say 2/3 of that amount of $300b into the Jamaican economy, how on earth this had little or no impact on the economy. It therefore begs the question what was this money spent on was it

  1. Land acquisition and inf so how much
  2. How much was actually spent on infrastructural work

I would have expected that a huge chunk of this would have been on construction materials eg cement, but alas cement sales have not been growing between 2009 and 2014. Cement only started seeing big sales this financial year.

If NROCC could have injected over $200b into the Jamaican economy and it has little or no impact, that it begs the question, what will it take to jump start the economy.

The PM says we have more FDI in the 4 years they have been in power compared to the JLP, but with a sliding dollar, a ramshackle health sector and  lack of security, it begs the question, where is all this money going under the PNP?

With no revenue coming in there is no way that the entity can cover its loan payments, which means the Government of Jamaica will have to assume this $332b debt which is now growing exponentially.

Peter Phillips must now add this debt to the national debt stock and do a recalculation of the debt to GPD Ratio.

We can always rely on the PNP government to secure the worst ever deal for this country, they have absolutely perfected the art of ” how not to negotiate”.

Dr Omar Davis needs to explain to the country what on earth is going on here, is this yet another example of the ineptness of the PNP as managers of the affairs of the country.

Why is Dr Davis still there given his poor performance in every ministry that he has ever held. Why are PNP cabinet minister are never accountable for anything in this country and why do they continue to be paid a salary from the public purse, when they have contributed next to nothing to generate real wealth in the country.

Its time for Omar Davis to step aside in the people interest.


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