March 23, 2022
To offset the growing cost of fuel, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke announced that the Jamaican government will offer $25,000 in vouchers to operators of public passenger vehicles, including route taxi and contract carriage carriers. This programmme will cost little more than $600 million.
While closing the 2022/23 Budget Debate in the House of Representatives on Tuesday March 22, 2022 Dr. Clarke noted “The voucher programme will begin towards the latter half of April and will be administered by the Transport Authority under the guidance of the Minister of Transport and Mining, Hon. Audley Shaw, who I am sure will speak more fulsomely on this”
Additionally, the Government would make available $200 million in revolving loan funding for public passenger vehicle operators via Microcredit and Approved Financial Institutions, facilitated by the Development Bank of Jamaica.
“This financing will be available for short-term loans for tyres, batteries and spare parts required for public transportation operations. As we provide some relief, we appeal to public transportation operators to abide by the fares set by the regulatory authority,” the Finance and the Public Service Minister said.
Meanwhile, Dr. Clarke said that the Government will increase allocation for transportation assistance for student on the Programme of Advancement Through Health and Education PATH students by 40%. This will add an additional $152 million to the cost. These initiatives are part of the Government’s overall social assistance support of $3.7 billion.
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.