Broadcast To The Nation By The Hon Dr. Peter Phillips, Minister Of Finance & Planning
By: , June 16, 2015The Key Point:
The Facts
- Over the two years, we have had seven quarterly reviews and this week the International Monetary Fund approved our successful completion of the eighth review.
- The country’s finances are now in much better shape. We have reduced reliance on borrowing, and have been able to achieve a reduction in INTEREST RATES which gives investors access to cheaper capital;
The Full Story
Good evening…
Two years ago, we embarked on Jamaica’s Economic Reform Programme supported by a four year Extended Fund facility with the International Monetary Fund. Over the two years, we have had seven quarterly reviews and this week the International Monetary Fund approved our successful completion of the eighth review.
In the process of successfully passing these tests, we have rescued the economy from near collapse and earned the respect of our international partners.
The country’s finances are now in much better shape. We have reduced reliance on borrowing, and have been able to achieve a reduction in INTEREST RATES which gives investors access to cheaper capital;
As we live more within our means, we have been spending less on imports. This means that we are able to save more of what we earn in foreign exchange earnings.
This is shown in Jamaica’s BALANCE OF PAYMENTS DEFICIT which has improved from 13.4% of Gross Domestic Product in 2011/2012 to 5.3% in 2014/2015, the lowest it has been in two decades;