Fitz Jackson tries to downplay proposed NWC rate increase

[Lazie]

Hold on a bit Fitz. Secure the 5th term fuss, then screw dem royally .. wait as Omar say, "karreck it!"

[Lazie]

State Minister in the Finance Ministry, Fitz Jackson, is trying to downplay suggestions that the Government intends to grant a tariff increase to the National Water Commission (NWC).

He was responding to a report that was based on a Ministry Paper which was tabled Wednesday in Parliament.

The Ministry Paper was presented to Parliament to give approval to a Government-guarantee for a multi-million dollar loan to the NWC.

The document states that the NWC has been experiencing operating deficits.

However, the pending tariff increase should improve the company's performance during the current fiscal year.

It further states that the expected tariff adjustment should enhance the NWC's cash surplus and improve its ability to service the US $16 million loan it is seeking from an international consortium of banks.

However, Mr. Jackson says the NWC is yet to apply for an increase.

The NWC was last granted a rate increase in February 2004