Jamaica Progressing to Economic Stability

Financial Secretary, Dr. Wesley Hughes, told an international audience Thursday (May 20), that Jamaica was progressing in its economic programme to ensure stability and to secure sustainable growth and development, in the aftermath of the global financial and economic crisis.
Highlighting the longstanding economic challenges facing the nation, Dr. Hughes outlined aspects of Jamaica’s recently embarked upon economic programme, which is supported by the International Monetary Fund (IMF).
A release issued by the Ministry of Finance and the Public Service on Thursday, said that the Financial Secretary was speaking at an international forum in Nassau, Bahamas, hosted by rating agency Standard & Poor’s. He informed the meeting that Jamaica had passed the first of the IMF tests, in an economic programme designed to ensure fiscal consolidation, further strengthen the financial sector and secure comprehensive debt management.
Dr. Hughes also noted that there was broad recognition within the country of the socio-economic challenges being faced by Jamaica, and also suggested that there was broad consensus on the measures currently being undertaken to address them.
He pointed to the strong support of international development institutions, such as the Caribbean Development Bank (CDB), in helping Jamaica to respond to its challenges and underscored the importance of the continuation of such support, as the country seek to realize its medium term socioeconomic objectives.
Dr. Hughes, Minister of State in the Ministry of Finance and the Public Service, Senator Arthur Williams and Chief Technical Advisor in the Ministry, Dr. Wayne Henry, are representing Jamaica at the Fortieth Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB) in Nassau, Bahamas.