Jamaica is lagging behind because it has no plans to solve its economic and social problems and create an environment in which the country’s potential can be realised, says the head of the island’s largest life insurance company.
The Minister of Finance and the Public Service Audley Shaw has been on a public campaign to encourage banks to lower interest rates. On Wednesday, that campaign was again on in earnest, but this time, the minister were reminded that Jamaica’s high interest rates was not the sole problem.
JLP leader and Prime Minister Bruce Golding has outlined a four-pronged approach to tackle the financial problems now affecting the country. The approach involves policy measures to support fiscal and debt-management programmes as part of the requirements for an International Monetary Fund agreement.
Prime Minister Bruce Golding yesterday gave the assurance that his administration would not renege on its debt-paying obligations, despite the snail’s-pace crawl to a reinstated borrowing arrangement with the International Monetary Fund (IMF).
Earlier this week, the international rating agency Moodys weighed in on Jamaica, pronouncing that its fiscal situation was perilous and that funds from an IMF Standby Agreement would not be the answer to Jamaica’s problems, thus adding its voice to a chorus of damming assessments on the state of the Jamaican economy.
President Barack Obama predicted Wednesday that the United States economy would grow again in the final quarter of 2009, pulling further out of a long and crippling recession.
Jamaica and the World Bank are currently in close collaboration which could see the bank providing US$100 million in budgetary support to the country early next year.