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Story Highlights

  • The economy is stronger than it was one year ago, as evidenced by three consecutive quarters of growth.
  • Governor-General, His Excellency the Most Hon. Sir Patrick Allen says the Government has stayed the course with its economic policies.
  • The Governor-General was delivering the Throne Speech at the opening of the 2014/15 Parliamentary year in Gordon House.

The economy is stronger than it was one year ago, as evidenced by three consecutive quarters of growth.

Making the declaration today (April 3), Governor-General, His Excellency the Most Hon. Sir Patrick Allen, noted that despite the global economy remaining sluggish, the Government has stayed the course with its economic policies.

The Governor-General was delivering the Throne Speech at the opening of the 2014/15 Parliamentary year in Gordon House.

“Tough decisions had to be made. In doing so, the Government relied on the understanding, resilience and goodwill of the Jamaican people. Our people have shown an awareness of the prevailing economic conditions. They have demonstrated their willingness to make the sacrifices to get our economy on the right path,” he stated.

The Governor-General added that despite the challenges, the Government is meeting obligations to its international partners, restructuring the economy, and improving the governance system for the benefit of Jamaicans.

In March 2014, the Government successfully met the third review of Jamaica’s economic performance under the Extended Fund Facility with the International Monetary Fund. This resulted in a further drawdown of US$71.4 million.

“To date, the Government has met all quantitative fiscal and monetary performance criteria under the programme,” Sir Patrick stated.

He noted that the Government is determined to reduce the large debt burden, which has limited the country’s development.

“For many decades, Jamaica has borrowed too much and saved too little.  In order to build a resilient economy, we must reduce our debt to manageable levels.  As a country, we must begin to live within our means,” the Governor General stated.

The Speech was delivered under the theme ‘Going for Growth: Creating Opportunities’.