JIS News

KINGSTON — Cabinet has approved the sale of the government's interest in Clarendon Alumina Partners (CAP),  further paving the way to finalise its ongoing negotiations with the International Monetary Fund (IMF) on the targets contained in the Stand-by Agreement.

Making the disclosure at the weekly post-Cabinet press briefing at Jamaica House today (October 12), Minister  with  responsibility for Information, Telecommunications and Special Projects, Hon. Daryl Vaz, emphasised  that the sale of the government’s shares in CAP  is “critical” to the conclusion of the IMF negotiations.

The Minister said while those negotiations continue, "the government continues, despite the harsh economic conditions, to be on a growth path."

"Jamaica's economy grew by 2.1 per cent in the second quarter…above the projection of 1.5 per cent," Mr. Vaz pointed out.

He was speaking against the background of Prime Minister, the Hon Bruce Golding’s departure to Washington, D.C. today, along with Minister of Education, Hon. Andrew Holness, to hold discussions with the IMF, the Inter-American Development Bank, and the World Bank.

Mr. Vaz said the  talks will focus on the government’s economic programme and the measures being taken to ensure that its long term objective of putting the country on a path of sustained growth, is achieved.

He pointed out that the Washington visit is timely,  and that the Prime Minister and Mr. Holness would seek to make a commitment to Jamaica’s multilateral partners that the transition from an administration led by Mr. Golding to one led by Mr. Holness is a change of leadership, but not a change of the policies being pursued by the government.

"It is a very positive sign that the Prime Minister is going to Washington, and also the Prime Minister designate…It is important at a time like this, for the government to send a signal to its (multilateral) partners, that the transition of leadership in no way shape or form affects the commitments that have been given, and the policies that the country is committed to pursuing," Mr. Vaz asserted.

The Information Minister assured that on his return, Mr. Golding will provide Parliament with a full report on the discussions.


By Alphea Saunders, JIS Reporter

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