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More doubt is being expressed about the Government's plan to transform Kingston into an international financial services centre.
In the wake of the global credit crunch and problems facing major financial institutions around the world there are calls for the Bruce Golding administration to scrap the project.
Financial Analyst Dr. Davidson Daway said the centre is not likely to materialize in the near future.
According to Dr. Daway, the Government came up with the idea at a bad time.
"It takes a whole lot of financial savvy and a great cash flow to produce such a project. It is extremely important that we recognize that to transform Kingston at this time is going to take a few billion dollars well and I don't think that we're quite capable of doing that at this particular time," he said.
Dr. Daway's pronouncement follows the submission of a final report regarding the establishment of the International Financial Services Centre.
Minister Without Portfolio in the Ministry of Finance Senator Don Wehby who received the report said it provides an overview of critical legislative and regulatory measures.
Senator Wehby said one of the recommendations calls for the establishment of special investment vehicles such as trusts and international business companies.
In the wake of the global credit crunch and problems facing major financial institutions around the world there are calls for the Bruce Golding administration to scrap the project.
Financial Analyst Dr. Davidson Daway said the centre is not likely to materialize in the near future.
According to Dr. Daway, the Government came up with the idea at a bad time.
"It takes a whole lot of financial savvy and a great cash flow to produce such a project. It is extremely important that we recognize that to transform Kingston at this time is going to take a few billion dollars well and I don't think that we're quite capable of doing that at this particular time," he said.
Dr. Daway's pronouncement follows the submission of a final report regarding the establishment of the International Financial Services Centre.
Minister Without Portfolio in the Ministry of Finance Senator Don Wehby who received the report said it provides an overview of critical legislative and regulatory measures.
Senator Wehby said one of the recommendations calls for the establishment of special investment vehicles such as trusts and international business companies.
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