Finance Minister Vows to Maintain Economic Gains

Minister of Finance and Planning, Dr. Omar Davies, has said that government would continue to make the right decisions to maintain gains in terms of macro-economic stability.
“No effort must be spared in seeking to maintain the economic gains we have made, by moving to control inflation, stabilizing the foreign exchange system and maintaining industrial peace, which are critical elements of economic growth,” Dr. Davis said yesterday (Jan. 18), as he addressed the opening of FirstCaribbean International Bank’s Savanna-La-Mar’s branch.
According to the Finance Minister, the economy had enormous possibility for further growth and urged the financial sector to lead the way in capitalizing on these growth prospects.
“The role of the financial sector is to facilitate that growth by seeking out entrepreneurs with good projects, carefully assess them and provide them with the requisite financial support. This bank (FirstCaribbean International) and all other banks, must go out and find real clients with real projects in the real world . and make loans available to them. By doing this, you all can expand and increase your loan portfolio . and add to the required increase in economic activity,” he stated.
“Together, the private financial sector and the government, we are going to turn this country into what it can be, a first world country with achievements, which can rival those of any country in the world,” he added.
The Finance Minister further commended the management of FirstCaribbean for opening a new branch, noting that the move was a demonstration of strong confidence in the economy.
“Anytime a financial entity indicates that rather than closing a branch, it is opening a new branch, it’s a vote of confidence not just in the area but in the overall economy of the country. The government .will commit to assisting your bank in this new era in the country’s economic history, an era of growth, stability in the macro economy and low inflation.
FirstCaribbean was formed in 2001and is the largest banking group in the Caribbean with more than 100 branches in 26 islands across the region. The Savanna-La-Mar branch is the first of three new branches to be opened in Jamaica this year.