Dr. Davies Hailed For Strengthening Financial System

Dr. the Hon. Omar Davies has been hailed for strengthening regulation of the financial sector and improving the Jamaica’s economic competitiveness.

Former Prime Minister, the Most Hon. P.J. Patterson said Dr. Davies brought stability to the country’s financial system by strengthening and restructuring the banking and insurance industries.

“The regulation of the financial sector, protecting customers, who needed financial services, providing insurance against deposit losses…happened under his watch”, he noted.

The former Prime Minister was delivering the keynote address at a recent function to honour Dr. Davies for 21 years as Member of Parliament for South St. Andrew, held at the Jamaica Pegasus Hotel, New Kingston.

Mr. Patterson also credited Dr. Davies for establishing the Public Bodies Management Act, “aimed at improving efficiency, transparency and accountability,” in public institutions.

He said the Programme of Advancement through Health and Education (PATH), the CHASE Fund, the PetroCaribe programme were all initiated under Dr. Davies’ watch as Minister of Finance, to reach the citizens, who must have social protection.

“His period was transformative and creative in building institutions and fashioning programmes for the economic, physical and human development of our nation,” Mr. Patterson told his audience, which consisted of academia, the business community, and constituents of Dr. Davies.

Mr. Patterson also mentioned the role being played by Dr. Davies as Minister of Transport, Works and Housing, in the modernisation of the Port of Kingston, completion of the North-South Highway, the provision of housing through the Housing Agency of Jamaica (HAJ), and indirectly through the Jamaica Mortgage Bank, and overseeing of the Jamaica Emergency Employment Programme (JEEP) initiative.

“Omar has never believed in the doctrine of ‘anything goes.’ He believes in setting high standards, he leads by example, he motivates, he inspires. He believes in Jamaica, he believes in the people of Jamaica. Omar has answered the call to service,” Mr. Patterson said.

Dr. Davies became Minister or Finance and Planning in November 1993, a position he held until September 2007. Prior to that he served 10 years as Director General of the Planning Institute of Jamaica (PIOJ).