Gov’t Remains Focused on Developing Sound Economic Growth Policies

Photo: Yhomo Hutchinson Prime Minister, the Most Hon. Andrew Holness (centre), responds to a question posed by Editor-in-Chief for World INvestment NEws (WINNE), Stan Aron (left), during an interview conducted at the Office of the Prime Minister (OPM) on Wednesday, April 13. Also pictured is Regional Market and Client Director for WINNE, Stéphanie Huertas.

Story Highlights

  • Prime Minister, the Most Hon. Andrew Holness, says the Government remains focused on developing sound economic growth policies aimed at reducing Jamaica’s dependence on borrowed funds.
  • The Prime Minister was speaking during an interview with World Investment News (WINNE) for Harvard Business Review’s Special Promotion Section, at the Office of the Prime Minister (OPM), on Wednesday, April 13.
  • Meanwhile, the Prime Minister said Jamaica was at a stage where its governance structure was evolving to incorporate fiscal responsibility as part of the public management framework.

Prime Minister, the Most Hon. Andrew Holness, says the Government remains focused on developing sound economic growth policies aimed at reducing Jamaica’s dependence on borrowed funds.

While acknowledging that “we still borrow”, he argues that this is being done more responsibly.

Mr. Holness further says that the administration is also endeavouring to reduce Jamaica’s debt “as much…and as rapidly as we can”, adding that they intend to be “far more frugal and wiser in how we use public resources.”

The Prime Minister was speaking during an interview with World INvestment NEws (WINNE) for Harvard Business Review’s Special Promotion Section, at the Office of the Prime Minister (OPM), on Wednesday, April 13.

Meanwhile, Mr. Holness said the administration is committed to fulfilling the remaining targets under the International Monetary Fund (IMF) agreement, and maintaining prudent fiscal discipline.

While noting that the IMF’s targets were challenging, Mr. Holness contended that “we must meet them.”

While welcoming the reduction in the IMF’s primary surplus from 7.5 percent to 7.25 percent, Mr. Holness contended that it remained challenging target. He, however, maintained that his administration would endeavour to fulfill it.

Jamaica is currently in the final year of the 48-month IMF Extended Fund Facility (EFF) which concludes in March 2017.

Meanwhile, the Prime Minister said Jamaica was at a stage where its governance structure was evolving to incorporate fiscal responsibility as part of the public management framework.

This, he added, requires development of “a solid set of policies for fiscal management.”

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