THE MINISTRY OF FINANCE is paring down the number of statutory corporations on its books. And by this December, Cabinet will know which ones will stay and which ones will go.
Minister of Finance Christopher Sinckler made this revelation as he delivered his 2013 Financial Statement and Budgetary Proposals in the House of Assembly yesterday.
He noted that the island had witnessed an “explosion” of such entities before 2008, “most of which relied heavily on the state for financial sustenance to support an ever-expanding civil establishment and an array of social services”.
Currently, 18 are in operation, costing the government $130 million and providing employment for 1 600 people, he said.
This, he added, was discovered by a committee of senior officers in the Ministry of Finance who conducted an assessment of the corporations.
“The committee has recommended that there be a concerted programme implemented to create operational synergies between these organisations so as to build efficiencies and save Government significant sums in transfers and subsidies,” Sinckler said.
“This is to be achieved through the merging of some and the elimination of others of the organisations.”
A special unit will be established to look at those proposals, Sinckler told the Lower Chamber, and by December it will make its recommendations to Government “on which organisations should be retained and which should be cut in pursuance of the objective of making Government more lean and efficient and reduce the level of subsidies and transfers in the expenditure budget.” (hle)
