Susan Gordon, Business Reporter

President of the Jamaica Chamber of Commerce Mark Myers. - Junior Dowie/Staff Photographer

With just about seven weeks to go before the Cricket World Cup 2007, the Jamaica Chamber of Commerce (JCC), believes the economic benefits promised from the events by the government will elude them and the nation.

In fact, one past president, Michael Ammar, forecasts a US$90 million (J$6 billion) debt, saying government is only likely to recoup US$10 million of revenues from the US$100 million (J$6.7 billion) it is investing in the event.

Ammar's call on the issue reflected concerns already raised by finance minister Dr. Omar Davies who said last year that Jamaica was unlikely to see any financial gains on its CWC investment. The comments sent government agencies into damage control mode, led by Jampro, which declared that the economic benefits flowing to the economy would outweigh the expense of the competition.

On Tuesday, JCC president Mark Myers told journalists that government had not been forthcoming with details of the plans for CWC 2007, including details on how the financing of the $6.7 billion investment was structured.

Budget overuns

"We are not presenting the image that people will want to return to, so that's where the risk comes in," said Myers underscoring that the JCC had been asking for answers since 2005.

Added Ammar: "It is going to be a legacy of debt," adding that expenditures will likely surpass the budget, even as some of the projects including Sabina Park have incurred cost overruns.

The chamber said two-thirds of the proposed beautification projects identified by the private sector-led Greater Kingston Work Team formed in early 2006, have not been realised and that this would eventually embarrass the country when cricket fans begin pouring into Kingston.

Jamaica is one of seven Caribbean countries hosting the ICC world cup which starts in March.

Myers said the $635 million clean-up fund announced by the Prime Minister for islandwide beautification ahead of the competiton was to come from the PetroCaribe funds and other sources. But, to date these funds have not materialised, he said, adding that up to Monday night, he had "heard" that US$1 million (J$67million) had been approved for spending this week.

"From reports that have surfaced, this [beautification programme] appears to be way behind schedule. We are disheartened to learn that only 356 of the 1,097 beautification proposals received from the 14 parishes have been approved," he said.