Dear Editor,
Highway 2000 represents the largest investment in infrastructural development in Jamaica to date. But has or will Highway 2000 fulfil all that was promised?
"From a national perpective, Highway 2000 represents the single largest investment in our history. With the Highway, we have a tremendous opportunity to stimulate growth by opening up markets and lowering operations costs leading to improved efficiency and profitability.There is a single important fact that we cannot ignore: Highway 2000 is expected to generate more than $26 Billion in nominal GDP".
That, Mr Editor, was the statement given by then Minister of Transport & Works following the Judicial Review Court's ruling on the case brought by citizens of Portmore on the Causeway designation as a toll road from as far back as July 2005. Given this statement, there is a need for the nation to know whether or not Highway 2000 is generating a profit.
It is a question that needs to answered if only for the fact that during the initial conceptualisation stage of the infrastructural project a substantial amount of money was taken from the pension fund in order for the then government to meet its financial obligation with the developers.The existing pension fund is now unable to fulfil the very need it was formed for. The result is that workers will have to contribute more to the fund and there is no guarantee that it will not be utilised for the wrong purpose once it reaches enticing proportions.
The Highway is a wonderful piece of infrastructure but was poorly financed, using poor people's pension funds and other high interest loans. The sad thing is that the developers are guaranteed a return on their investment, but as to the fate of the money taken from the pension fund that's a question that must be answered sooner rather than later.
The contractual agreement between the government and the developer does contain a clause whereby there is a formula of profit sharing once the developers are meeting their financial targets. But if the opposition spokesman on finance was correct in recent figures quoted in Parliament, then there is no profit in sight for the near future.
So for now it seems as if the workers who have given their all and are now preparing to drive off into the setting sun will do so without adequate pension and will be advised to avoid the toll roads.
Howard Hamilton
Portmore Pines, Greater Portmore
How_hamil@yahoo.com
The price for having Highway 2000
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Highway 2000 represents the largest investment in infrastructural development in Jamaica to date. But has or will Highway 2000 fulfil all that was promised?
"From a national perpective, Highway 2000 represents the single largest investment in our history. With the Highway, we have a tremendous opportunity to stimulate growth by opening up markets and lowering operations costs leading to improved efficiency and profitability.There is a single important fact that we cannot ignore: Highway 2000 is expected to generate more than $26 Billion in nominal GDP".
That, Mr Editor, was the statement given by then Minister of Transport & Works following the Judicial Review Court's ruling on the case brought by citizens of Portmore on the Causeway designation as a toll road from as far back as July 2005. Given this statement, there is a need for the nation to know whether or not Highway 2000 is generating a profit.
It is a question that needs to answered if only for the fact that during the initial conceptualisation stage of the infrastructural project a substantial amount of money was taken from the pension fund in order for the then government to meet its financial obligation with the developers.The existing pension fund is now unable to fulfil the very need it was formed for. The result is that workers will have to contribute more to the fund and there is no guarantee that it will not be utilised for the wrong purpose once it reaches enticing proportions.
The Highway is a wonderful piece of infrastructure but was poorly financed, using poor people's pension funds and other high interest loans. The sad thing is that the developers are guaranteed a return on their investment, but as to the fate of the money taken from the pension fund that's a question that must be answered sooner rather than later.
The contractual agreement between the government and the developer does contain a clause whereby there is a formula of profit sharing once the developers are meeting their financial targets. But if the opposition spokesman on finance was correct in recent figures quoted in Parliament, then there is no profit in sight for the near future.
So for now it seems as if the workers who have given their all and are now preparing to drive off into the setting sun will do so without adequate pension and will be advised to avoid the toll roads.
Howard Hamilton
Portmore Pines, Greater Portmore
How_hamil@yahoo.com
The price for having Highway 2000
-->