‘No Decision Yet on Oil Hedge’ – Williams

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State Minister for Finance, Fayval Williams, says the government has not yet decided whether it will take up a new oil hedge deal.

Oil hedging is a means of protecting the country against sharp increases in the price of oil.

The previous hedge, purchased from Citibank last year, expired in September.

There’ve been reports that the JLP administration is about to purchase a new contract, despite their criticism of it when they were in Opposition last year.

However, Mrs. Williams says no decision has been taken.

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The State Minister says the government has received several proposals for another hedge.

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Earlier this week, Bank of Jamaica Governor Brian Wynter and Financial Secretary Everton McFarlane outlined the need for another oil hedge.

They were making presentations before Parliament’s Public Administrations and Appropriations Committee, PAAC.

However, Mrs. Williams says this does not mean the government has made a decision.

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