Government Expecting Inflows of US$400 Million

The Government is expecting inflows totalling approximately US$400 million from the various multilateral organisations this year.
Minister of Finance and the Public Service, Hon. Audley Shaw, made the announcement as he addressed a function marking the merger of Barita Investments Limited and Barita Unit Trusts, yesterday (July 9) at the Terra Nova All-Suite Hotel in St Andrew.
He noted that the country has lost approximately US$1.3 billion in revenue as a result of the fallout of bauxite and other critical sectors and defended the Government’s decision to explore its options with the International Monetary Fund (IMF).
“When you have that level of unprecedented fallout in your earnings, what do you do?” he asked.
“It would be fiscally irresponsible of me, as Minister, and the Government not to look at appropriate windows such as the IMF in this time of crisis that we face,” he declared.
A team from Jamaica is currently in Washington having discussions with the IMF regarding the possible re-engagement of that organisation.
However, Mr. Shaw has cautioned that the country cannot depend on the multilateral organisations to move forward economically.
“Ultimately, our salvation is not in the IMF. Our salvation is not in the World Bank, the IDB (Inter American Development Bank) and the Caribbean Development Bank (CDB). Ultimately, our salvation, ladies and gentlemen, is in our own capacity to create our own wealth in Jamaica,” he stated.