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Story Highlights

  • The administration takes full responsibility for the policy actions which are contained in the EFF signed with the IMF.
  • The Government recognises that there is a great need to stimulate expansion in the economy and job creation.
  • Within the context of the limited fiscal space allowed by the EFF, the Government has set about devising ways of encouraging and stimulating growth.

Prime Minister, the Most Hon. Portia Simpson Miller, says the administration takes full responsibility for the policy actions which are contained in the Extended Fund Facility (EFF), signed with the International Monetary Fund (IMF), and believes that in the long term, true benefits will accrue to the society.

“My Administration does not, in any way, seek to resile from taking responsibility for the tough decisions which had to be made.  We have not presented these decisions as being impositions by the IMF. That would be a ‘cop out’. Whilst we may disagree with the Fund in terms of the pace of some of the adjustments, we accept that the adjustments are necessary,” she said.

Mrs. Simpson Miller was delivering the keynote address on the theme: ‘Looking Beyond the IMF: Achieving Vision 2030 Jamaica’, at the Ninth Regional Conference on Investments & the Capital Markets, held at the Jamaica Pegasus Hotel in Kingston, on January 21.

The Prime Minister pointed out that for the administration, an IMF Agreement is not an end in itself, but “a stepping stone towards achieving economic growth with equity,” on its way to meeting the objectives laid out in Vision 2030, which is a strategic development plan aimed at moving Jamaica to the status of a developed country by 2030.

Mrs. Simpson Miller said the Government recognises that there is a great need to stimulate expansion in the economy and job creation, even as it remains steadfast in its pursuit of fiscal consolidation.

“We cannot ignore the fiscal situation which our country now faces, and will continue to face over the medium term.  Even whilst we accept this reality, we do not use it as an excuse. Rather, that reality check serves to stimulate our creativity in moving forward,” she noted.

The Prime Minster pointed out that within the context of the limited fiscal space allowed by the EFF, the Government has set about devising ways of encouraging and stimulating growth activities in the economy.

She said that the country has seen tough times before and has overcome. “My Government intends to lead our resilient people, our industrious people to greater prosperity.  We will overcome the social and economic challenges we face.  We will make Jamaica the place of choice to live, work, raise families and do business. The Government is committed to this Vision,” Mrs. Simpson Miller pledged.

This year’s conference is being held under the theme: ‘From Productivity to Prosperity: Regional Survival & Growth through Investments’.