PRIME MINISTER P.J Patterson is to present the details of a strategic plan for the future development of the Jamaican sugar industry to the House of Representatives by month-end.
In the meantime, Minister of Finance and Planning, Dr. Omar Davies, says consultations have been ongoing with all critical stakeholders to assist in arriving at a consensus for the future direction of the industry, inclusive of the necessary reforms and changes to move it towards viability.
SEEKING US$30M LOAN
Dr. Davies made the disclosure during Tuesday's sitting of the House of Representatives, while seeking approval for a Government guarantee for a US$30-million loan from the National Commercial Bank to the Sugar Company of Jamaica (SCJ).
The Finance Minister said the loan would facilitate the SCJ's operations in preparation for the 2005/2006 sugar crop.
He said the loan was necessary in the wake of several difficulties which held back the industry last year, including inadequate preparation of factories for the crop, Hurricane Ivan and an extensive period of drought.
"These impacted on the sugar crop, making it one of the worst in recent history," the Finance Minister told the House.
He said the loan would allow the necessary steps to be taken to have the factories equipped to start on schedule by the second week of January, with the Frome facility beginning by the first week of December.
"We are convinced that this loan would put SCJ in a position to stage a recovery from last year, and place it on the road to improved economic viability," Dr. Davies added.
Though several Opposition members took the opportunity to berate the Government for poorly managing the sugar industry, the loan guarantee was eventually approved.
