The Jamaica Development Bank Repeal Act, 2022 was moved in Senate on Friday, to transfer its assets to a renamed institution. Opposition Senator Peter Bunting, argues that the opposition understands where the motion is necessary, as the Jamaica Development Bank has faced numerous setbacks due to bad loans, since its establishment.
Government Senator Aubyn Hill, moved a motion for the Jamaica Development Bank Repeal Act, 2022, a bill entitled to provide for the transfer of assets of the Jamaica Development Bank, to the proposed name change, Development Bank of Jamaica. Opposition senator, peter bunting, says the motion is supported by the opposition, noting it would also be exempted from the usual transfer tax and stamp duties. Meanwhile, the senate paid respects to the Former Minister of Tourism, Francis Tulloch, who died on Thursday.
He was a member of the People’s National Party and was elected to Parliament in 1972.
Reporter: Justin Graham
