No option – Jamaica returning to IMF – Shaw – No immediate effect on public sector

Posted on by Your Financial FactSheet


Jamaica Observer: “No option – Jamaica returning to IMF – Shaw – No immediate effect on public sector”
FOURTEEN YEARS after the nation ended its borrowing relationship with the International Monetary Fund (IMF), the Government has admitted it has no choice but to return to the multilateral lending agency.


Jamaica Gleaner: “IMF déjà vu”
There was no global economic crisis 32 years ago to shoulder the blame for Jamaica’s economic predicament, but on Tuesday, January 19, 1977, when Prime Minister Michael Manley told the House of Representatives of his administration’s intention to pursue a borrowing relationship with the International Monetary Fund (IMF), his rhetoric closely matched that of the present government.


Jamaica Observer: “Lower interest rates now, not debt restructuring, is the way forward”
Yesterday’s Gleaner editorial, “Debt restructuring now crucial”, outlined very clearly how the Government’s immense borrowing needs “keep interest rates high, crowd out the private sector, limit entrepreneurial activity, stifle job creation and weaken economic growth.”


Jamaica Observer: “Bernanke says Fed can take on supercop role”
WASHINGTON DC, USA – Federal Reserve Chairman Ben Bernanke yesterday fended off congressional scepticism about expanding the Fed’s duties to police big financial companies given the US central bank’s failure to catch problems that led to the financial crisis.