Former Fiance Minister, Dr. Omar Davies, says he’s sorry people suffered losses during the financial meltdown of the 1990s.
Dr. Davies served as Finance Minister from 1993 to 2007 when a number of Jamaican businesses were taken over by the Financial Sector Adjustment Company, FINSAC.
He’s also accused of implementing high interest rate policies during that time, causing many people to fall into bankruptcy.
Dr. Davies says the country was faced with what he calls the ‘real threat of hyper-inflation’ at that time.
The 1990s financial meltdown resulted in the foreclosure of many Jamaican homes and businesses.
A FINSAC Commission was set up in 2008 to investigate the financial meltdown of the 1990s.
In addition to looking into the financial meltdown, the terms of reference included considering the appropriateness of the actions taken, reviewing the operations of FINSAC in relation to delinquent borrowers, and making recommendations on how to prevent a recurrence.
However, the sittings of the Commission ended in 2011 and no report has been furnished by the Commissioners.
Cabinet has now approved the reappointment of the FINSAC Commissioners, paving the way for the completion of the report from the Commission of Enquiry.
Minister of Finance, Audley Shaw, has said an allocation of approximately 36-million dollars has been made to undertake the task.
He’s said the Commissioners will have seven months to complete the report.