Government to Craft New Medium-term Economic Plan

Prime Minister, Dr. the Most Hon. Andrew Holness, says in this term, the Government will craft a new medium-term economic plan, designed not just to preserve discipline but to unlock opportunities and improve the lives of Jamaicans.

He said the plan will focus on boosting long-term growth and productivity, deepening financial inclusion and resilience and strengthening social protection for vulnerable households. It will seek the right balance – fiscal responsibility alongside catalytic investments in infrastructure, human capital and innovation.

“Just over a decade ago, we set out to restore economic stability and put our country on a sustainable path. Today, we can say with confidence that we have achieved what we have set out to do. Our debt to GDP ratio is now approaching 60 per cent, two years ahead of schedule inflation is stable, reserves are strong and our fiscal accounts are among the most disciplined in the world. With stability secured, the next step is growth,” he said.

Dr. Holness was speaking at the opening of the new Parliament and the swearing-in ceremony for members of the Senate and the House of Representatives at Gordon House.

“The Leader of the Opposition in his presentation made an observation that though  we have achieved these significant things – reduction in debt, increased expenditure in infrastructure – there are many Jamaicans who are not seeing this translated into a substantial improvement in their quality of life and this will always give opportunity for political advantage, but once the political competition has ended, we must all refocus our efforts on the practical, the reality,” he said.

He noted that the Government will continue to build on the gains that have been made to achieve economic growth.

“I believe we all want to see a substantial improvement in the quality of life. We had a competition of ideas for this, now let us ensure that the best ideas are formed into policy and law and implemented effectively and efficiently, so that the people can truly get the improvement in the quality of life that they deserve. So yes, there has to be a balance between the fiscal management and expenditure on creating social safety net, welfare and promoting growth,” he said.

Dr. Holness said it is the House through debate, exchange of ideas, and collaboration that will determine what that balance is and “each of us must recognise our role in determining this delicate balance”.

“If the delicate balance is not achieved, we risk going back to the dark days when this economy struggled to deliver the very benefits that we now are preaching that we can achieve; so, the balance is important,” Dr. Holness said.

Meanwhile, he argued that the Parliament must continue to support investments in education innovation and technology to increase national productivity.

“Our creative and ambitious young people must be equipped to thrive  in the digital economy. Our systems of Government must work faster and more transparently,” the Prime Minister said.

“Through the SPEED (Streaming Processes for Efficiency and Economic Development) programme, we will reduce red tapes, digitise processes and eliminate efficiencies that frustrate growth and breed corruption. Let us be clear, productivity is not only about individuals working harder; it is about creating the enabling environment in which efficiency is possible, but more importantly where effort is rewarded,” he added.

Meanwhile, Leader of  the Opposition, Mark Golding, congratulated all who have been elected and indicated that the Opposition is committed to collaborating on policies that will serve the people of the country.

The 63 Members of Parliament (MPs), who won their seats in the September 3 General Election, were sworn in today (September 18), at the opening of the new Parliament at Gordon House.

The swearing-in of the MPs followed the installation of the 21 members of the Senate.