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Minister: Jamaica bus company swamped by debt

Minister: Jamaica bus company swamped by debt

A government minister in Jamaica says the Caribbean island's public transportation company is struggling with a debt of $127 million.
Despite layoffs and other cost-cutting measures, the Jamaica Urban Transit Co. has never turned a profit since it was founded in 1998.
Transport and Works Minister Omar Davies says much of the state-owned bus company's debt is made up of unpaid taxes and pension fund contributions.
Opposition lawmaker Karl Samuda says the operation is losing $23,000 each day.
Davies says he will consult with Cabinet colleagues about finding ways to ease the company's crushing debt burden.


Updated : 2021-03-04 09:23 GMT+08:00