The new Micro-credit bill, which was tabled in Parliament in…, came under serious attack from opposition spokesman on finance, Mark Golding, and the microcredit community at last Wednesday night's Mayberry Monthly Investor Forum.
According to Golding, the bill doesn't fit the purpose for which it was intended, and suggested that it may have been developed by the technical people within the Ministry of Finance and Planning, with probable input from other areas of the government services.
He suggested that it be reviewed by a joint select committee of Parliament, that would allow stakeholders an input into the final Act.
“Because what we do not want is legislation that is going to destroy the sector,” the former Minister of Justice said.
Golding was supported by the three fellow panelists- Carole Budhlall, general manager of Kris An Charles Investments; Jacinth Hall-Tracey, managing director of LASCO Financial Services and Gillian Hyde, general manager of Jamaica National Small Business Loans- as well as the chairman of the Jamaica Association for Micro Financing (JAMFIN), Dr Blossom Omeally-Nelson, one of the two main trade bodies representing micro financiers.
The panel discussion which was put on by Mayberry and JAMFIN looked at the issue: The Micro Finance Sector: How to Maximise its Contribution to Jamaica's Economic Development.
Article from: Jamaica Observer