PM Says New Arrangement with IMF Shows Political Maturity

Prime Minister, the Most Hon. Andrew Holness, says Jamaica has transitioned seamlessly into a new programme with the International Monetary Fund (IMF), signaling a new kind of political maturity in the nation’s history.

He further noted that the country, buoyed by the work of the Economic Growth Council (EGC) and spurred on by a pattern of fiscal discipline and a structure of proactive debt management, has now positioned itself as the number one place in the region to do business, a fact which has not been lost on investors.

The Prime Minister, who was giving the keynote address at the commissioning of liquefied natural gas (LNG) at the Jamaica Public Service (JPS) Bogue power plant in St. James on November 11, said with the IMF approving a new arrangement with Jamaica, the country is also well on its way to meeting its economic projections.

“Prosperity will not come overnight. However, with all the confidence we are seeing in our business environment and with the IMF giving us such a strong vote of confidence, there is now every reason to believe that anything is indeed possible going forward. Even the fact that we are celebrating the arrival of LNG to Jamaica should tell us that once we believe something is possible, then we can achieve it,” he said.

The IMF has agreed to a new US$1.64 billion  three-year standby arrangement for Jamaica.

Mr. Holness said he has nothing but praise for the work of the JPS and its American partner, New Fortress Energy, in bringing LNG to Jamaica, noting that the time span for completion of the project was nothing short of remarkable.

The Prime Minister said the  Government is fully committed to creating a hassle free environment where investors like New Fortress Energy can operate, adding that the permit for the construction of another LNG plant in Old Harbour, St. Catherine by New Fortress Energy, will go before the Board of the National Environmental and Planning Agency (NEPA) next week and it will more than likely be approved.

Mr. Holness spoke of the importance of not allowing bureaucracy to become a hurdle, stressing that the country can ill-afford to make life difficult for potential investors.

“The job of the civil service is to get things done. You can only get more reward, better job security, more growth and prosperity if you get things done,” the Prime Minister said.