Members of the Economic Growth Council (EGC) are confident that Jamaica’s economy will continue to improve on conclusion of the Precautionary Stand-By Arrangement with the International Monetary Fund (IMF) later this year.
They point to the disciplined manner in which the Government is managing affairs in order to ensure that there is no reversal to a borrowing arrangement, once the current programme relationship ends.
EGC Chairman, Michael Lee-Chin, said based on the notable gains that Jamaica has recorded since re-engaging the IMF six years ago, “there is no better point than now [to end the borrowing arrangement]”.
He noted that the sacrifices made by Jamaicans coupled with fiscal responsibility measures instituted, auger well for the country’s future economic stability.
“We have put in oversight bodies on our own to make sure that we do not backslide. The fact that we have an Economic Growth Council (among others)… these are entities that should assure you that there is oversight… [so] we can now graduate from borrowing relations. Maintaining oversight by private sector entities, as far as we are concerned, is in our national interest,” Mr. Lee-Chin said.
He was speaking at the EGC’s seventh quarterly briefing at Jamaica House on Wednesday (Jan. 23).
For his part, EGC Chief Executive Officer, Senator Aubyn Hill, also contended that based on the positive developments, “I don’t think we are afraid anymore of not having the IMF.”
“We are serious about the fact that we are going to drive down that debt… we are committed to it. [The Administration of] Prime Minister, the Most Hon. Andrew Holness… is completely committed and unequivocal about it. We are going to fix this fiscal house and make it better,” Senator Hill said.