BOJ Governor says it will be difficult for Jamaica to recover from Melissa without aid
Bank of Jamaica Governor Richard Byles says it will be difficult for Jamaica alone to rebuild in the next three years, following the destruction caused by Hurricane Melissa.
The damage to critical infrastructure – including roads, houses, factories, schools, other buildings, the electricity grid and other public and private assets – amounts to approximately US$8.8 billion or more than 40% of GDP.
Governor Byles believes a collaborative effort between Jamaican and overseas workers, especially on construction works, will enhance the country’s rebuilding efforts.
He cites as example, the recruitment of linesmen from overseas, to assist the Jamaica Public Service (JPS) in its power restoration works.
That has resulted in 84% of JPS customers being restored so far.
Meantime, in response to questions about how under-spending by government could affect the recovery process, Mr Byles notes that the National Reconstruction and Resilience Authority (NARA) is expected to address this.
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