Finance Minister Emphasises Importance of Social Pact


Minister of Finance and Planning, Dr. Omar Davies has expressed confidence that a social pact, similar to the Memorandum of Understanding (MoU) between the Government and trade unions, but involving a broader level of stakeholders, should be developed shortly.
Dr. Davies, who was addressing the Private Sector Organisation of Jamaica’s (PSOJ)/Citigroup annual economic forum at the Hilton Kingston Hotel recently, said that, “in speaking about growth and development, we now need to take the MoU between government and the trade unions to the next level of an MoU social pact, which involves all the stakeholders in the society.” “It can only be done if we elevate the level of trust between all parties. We believe that it is possible as demonstrated with the trade unions,” the Minister said. Dr. Davies emphasized that priority should be placed on the development of this social pact. “If we could come to that agreement (the MoU) with the trade unions.the three major stakeholders, the private sector, the trade union movement and the government.we can move toward the signing of the social pact, which will develop the level of trust needed, so when we formulate policies to move the country forward, they will have the full backing of everyone,” the Minister said.
This year’s forum was held under the theme: ‘Equipping the Private Sector for Growth’. It was sponsored by Capital and Credit Financial Group, Continental Baking Company, FirstCaribbean International Bank, Hilton Kingston Hotel, Jamaica National Building Society, Jamaica Public Service, and Victoria Mutual Building Society.

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