IMF Agreement Necessary to Facilitate Growth – PM

Prime Minister, the Most Hon. Portia Simpson Miller, has emphasised that the International Monetary Fund (IMF) agreement is necessary to facilitate stability and growth of the economy.

“If the country is to benefit from this agreement, we must ensure that we meet all our obligations. We are committed to doing so. However, we also know that an IMF agreement on its own will not be enough to solve our economic problems,” Mrs. Simpson Miller said.

The Prime Minister stressed that the Government has to grow the economy in order to accelerate the development of Jamaica.

She was making her contribution to the 2013/2014 Budget Debate in the House of Representatives on April 30.

Mrs. Simpson Miller said the World Bank has identified some of the main issues that affect Jamaica’s economic growth prospects. These include macro-economic instability; the costs of doing business, including transaction costs; unfriendly business environment; inadequate labour productivity; and crime and violence.

“In response, my Government is implementing a range of measures to tackle these constraints, in order to unleash our full potential for growth and development,” the Prime Minister said.

She pointed out that over the last 16 months, the Government has formulated and is implementing a policy framework designed to: ensure macro-economic stability through fiscal prudence; address the issues associated with energy; develop human capital; strengthen international relationships and optimize trade and investment; advance justice and national security; resolve social and environmental challenges; and implement transformation initiatives.

“Growth and development can only exist where there is a comprehensive and integrated governance process that includes all of these elements,” Mrs. Simpson Miller said.

The Budget Debate presentation was made under the theme: ‘Jamaica Going for Growth and Development, Unleashing our Full Potential.’

By Latonya Linton, JIS Reporter