Partnership for Jamaica Notes Jamaica is Meeting its Economic Reform Targets
By: , January 9, 2015The Key Point:
The Facts
- The Government was commended for staying the course of Jamaica’s Economic Reform Programme and for consistently meeting the economic targets.
- Several notable international organisations including the World Bank, Forbes Magazine and JP Morgan, have commended Jamaica for stabilizing the economy and improving the country’s competitiveness.
The Full Story
Partners received an update on Jamaica’s progress and Budget report from the Minister of Finance and Planning, Dr. The Hon. Peter Phillips, at the first Partnership for Jamaica (PFJ) National Council meeting for 2015 and commended the Government for staying the course of Jamaica’s Economic Reform Programme and for consistently meeting the economic targets.
President of the Private Sector Organisation of Jamaica, Mr. William Mahfood said that: “Globally, the publicity for Jamaica is very good. I want to commend the government for staying the course.” He noted that the next step is securing high levels of sustained growth in the economy. These sentiments were shared by other Partners including Civil Society Youth Representative Ms Kemesha Kelly, who urged more focus on youth employment; representatives of the private sector, including the President of the Jamaica Manufacturers Association, Mr. Brian Pengelley; President of the Jamaica Chamber of Commerce, Mr. Warren McDonald; and academia representative, Professor Trevor Munroe.
In recent weeks, several notable international organisations including the World Bank, Forbes Magazine and JP Morgan, have commended Jamaica for stabilizing the economy and improving the country’s competitiveness. For example, Jamaica has improved its ranking from 94 to 58 in the World Bank’s Ease of Doing Business Survey.
Under Jamaica’s Economic Reform Programme – supported by the International Monetary Fund – the country successfully passed six consecutive performance assessments by the IMF Board and secured annual economic growth of approximately one percent.
In her opening remarks, Chair of the PFJ, Prime Minister, Portia Simpson Miller committed to ensuring that the partnership continues to operate for the benefit of Jamaica and in the spirit and framework of consultation, with greater engagement of all Ministries with the principles of the Partnership. She encouraged the council members, comprising the government, civil society, trade unions and the private sector, to continue to work together through with dialogue, and with respect and understanding.