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  • Mr. Byles says this is crucial as the Government is contracting expenditure and borrowing less as part of its agreement with the IMF.
  • Mr. Byles assured the private sector that the actions of the administration remain consistent with the IMF programme’s requirements.
  • "If the Government does what they have to do, and the business community steps in and starts to make some investment, a lot more of that growth will occur,” he added.

Co-Chairman, Economic Programme Oversight Committee, Richard Byles, is urging members of the private sector to increase their investment in the country as part of efforts to boost the economy.

He noted that this is crucial as the Government is contracting expenditure and borrowing less as part of its agreement under the US$932.3 million four-year Extended Fund Facility (EFF) with the International Monetary Fund (IMF).

“The private sector needs to step up and to borrow from the banks and to expand production; that’s the whole theory behind fiscal contraction so that as the Government comes out of the market, the private sector is allowed to come in,” Mr. Byles said.

He was speaking in an interview on the Jamaica Information Service’s (JIS) television programme, ‘Issues and Answers’.

Mr. Byles said that the private sector can be confident that the actions of the administration remain consistent with the IMF programme’s requirements.

“I think the private sector is still a little lacking in confidence but I think that as we go along and we pass more of the quarterly tests, some of the private sector will actually step into the real economy and will invest as we have done with the hotels,” he posited.

“So, I think it takes a little bit of confidence building by doing; talking is good but doing is even better, and if the Government does what they have to do, and the business community steps in and starts to make some investment, a lot more of that growth will occur,” he added.

In the meantime, he noted that based on interactions and discussions with the Government’s key financial players they demonstrate a level of commitment towards ensuring that the country remains on track.

“We are quite impressed with the dedication they bring and if that is representative of how the whole Government feels, then great,” he said.