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Prime Minister Bruce Golding has reaffirmed to investors that the country’s economic growth rests with the actions taken by the government and its private sector partners, and not with the International Monetary Fund (IMF).
The Prime Minister was addressing clients of Scotia DBG Investments at a Corporate Seminar in Kingston on March 19.
“Growth is going to be our responsibility not the IMF’s. Growth can only come by expanding what exists or by creating new enterprises, and lower interest rates provide a critical start.”
Mr Golding also said that the country needs to address the high cost of government and pointed out that less than ten per cent of the national budget is available for capital expenditure.
The Prime Minister thanked the Bank of Nova Scotia, bondholders and other financial institutions for supporting the debt exchange programme which he described as a “significant investment in Jamaica’s survival and its chances for recovery”. Mr Golding said since the debt exchange programme the country has garnered US$1.2 billion in multilateral flows at interest rates ranging between 0.6% and 3% for the current fiscal year and additional flows are expected for the new fiscal year.