Shaw Says No Fundamental Differences on Economy

KINGSTON — Minister of Finance and the Public Service, the Hon. Audley Shaw, said Wednesday August 10 that there was “nothing fundamentally different” between Dr. Peter Phillips’ observations and issues he outlined in his national broadcast on Sunday.   

“I welcome Dr. Phillip's recognition of the importance of the issues facing the nation. It is now time for empty criticism to yield to constructive commentary,” the Minister said in a statement issued Wednesday by his Ministry.

But, Mr. Shaw dismissed as "irresponsible and disingenuous", Dr. Phillips' charge that the Budget presented in April had become obsolete.

“The Opposition very well knows that the reason for the Supplementary Budget is to seek parliamentary approval for the seven percent wage settlement, as required under the new dispensation of fiscal responsibility," he said.

He also noted that the role of the Opposition will be “critical” in the speedy resolution of issues such as the Green Paper on Tax Reform and an upcoming Green Paper on Pension Reform.

Concerning other claims by Dr. Phillips of Government inaction, Mr. Shaw referred him to the specifics set out in the Government’s plan of action presented in his national broadcast.

The Minister reminded Dr. Phillips that, as Opposition's Spokesperson on Finance, he has yet to acknowledge, let alone give formal support to the landmark Fiscal Policy Papertabled in April. The Fiscal Policy Paper outlines the Government’s medium-term fiscal strategy.

With respect to transparency, Mr. Shaw said this was now “at levels never before seen” in Jamaica, citing the following “first-timers”: monthly publication of Tax Waiver Report; tabling in Parliament of a Fiscal Policy Paper; tabling in Parliament of a Tax Expenditure Statement: parliamentary approval of the Budgets of Public Bodies: explicit prohibition of Deferred Financing; and, the chairing of most parliamentary standing committees by Opposition MPs.

With respect to the current global situation, he said that he had charged the Bank of Jamaica (BOJ) and the Planning Institute of Jamaica (PIOJ) with reporting to him on the likely implications for the Jamaican economy.

By BALFORD HENRY, JIS Reporter & Editor