Gov’t Ensuring That Jamaicans Feel Benefits of Strong Economy – PM

Prime Minister, the Most Hon. Andrew Holness, says the Government is ensuring that Jamaicans feel the benefits of the sound policies and fiscal management, which have caused the economy to flourish.

Pledging the Administration’s resolve to bridging the socio-economic divide, he said that the focus will now shift towards making sure that the gains from economic success are shared more equitably across all communities.

“Now, we must get the machinery of Government to take the dividends of the economic improvements that we have and translate this into the services, goods and amenities that will improve the quality of life of the people of Jamaica, so that they can make the connection between the good economy and their social well-being,” he said.

The Prime Minister, who was addressing the St. James Northwest constituency dinner at Sandals Montego Bay on Saturday (Oct. 28), pointed to the current stability of the exchange rate, even amid the challenges posed by the COVID-19 pandemic, as a testament to the strength of the economy.

He said that the prudent fiscal and monetary policies have resulted in a significant reduction in national debt, substantial increases in reserves, and notable progress in managing inflation levels.

“Our reserves are the highest they have ever been. Inflation is coming down nicely back into our target zone,” the Prime Minister noted.

“We have done that while at the same time, making the largest increase in minimum wages ever and making the largest increases in public sector wages ever,” Mr. Holness added.

He further cited the “record-setting increases in the minimum wage and public sector wages,” as a demonstration of the Government’s unwavering commitment to the welfare of the people.

Underscoring the vital interconnection between economic stability and social welfare, Prime Minister Holness stressed that a thriving economy is critical to facilitating essential services and infrastructure improvements.

“We can’t buy new buses unless we have a good economy. We can’t buy new garbage trucks unless we have a good economy. Jamaica cannot have a welfare state unless it has a good economy,” he pointed out.

The Prime Minister said that everything must be done to safeguard the strong economic progress, which he contended, has become a new feature of Brand Jamaica.

“We have an economy that is doing very well. Whenever I travel… you know what people know about Jamaica? They know about Usain Bolt, Bob Marley, Marcus Garvey and about our culture. But you know what else is emerging as part of brand Jamaica? Our economic performance and we have to guard that carefully,” he said.