Monday, 13 November 2017 19:06

JSC Concerned Over Borrowing Frenzy

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The Joint Select Committee of Parliament is gravely concerned about the borrowing activity of State Enterprises, as it says the sector has racked up in total some $44 billion in debt, and in some cases companies are unable to pay.

A JSC inquiry into the borrowing practices of State Enterprises has revealed that there are currently no mechanisms in place to track returns on investments to ensure that the benefits of the debts outweigh the costs.

At a Press Briefing held by the Committee, Senator Wade Mark outlined some recommendations to rectify this matter.

Meanwhile, Committee Chairman, Senator David Small, said several of the Enterprises borrow money without having a strategic plan - a reality which the Committee deems worrying.

The JSC also recommends that the Investment Division of the Ministry of Finance enforce a mandate to have the strategic plans of every State Enterprise which borrows without Government guarantee completed and submitted within three months of the report.

Read 829 times Last modified on Monday, 13 November 2017 19:18
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