Shaw Tells Chile Conference of GOJ’s Committment to Good Governance

Minister of Finance and the Public Service, Hon. Audley Shaw, today (July 3), said that the Government of Jamaica has committed itself to improvements that will not only ensure better governance, but will enhance Jamaica’s ability to access cheaper funds from the International Financial Institutions (IFCs).
Speaking at the 2nd Annual Meeting of Ministers of Finance of Latin America and the Caribbean, Mr. Shaw said that the Government had developed a 23-page consolidated matrix of ‘self-imposed’ conditionalities that was signed off with our main development partners: The World Bank, The Inter-American Development Bank (IDB), The Caribbean Development Bank (CDB) and the European Bank (EU).
“The fact is that whether we are accessing funds from our development partners or not, it is necessary for us to undertake fundamental reforms in Government in order to achieve fiscal and debt sustainability, deliver services to the people more effectively and to ensure a stable macro-economic framework that sets the tone for economic growth and development’ Mr. Shaw said.
The Finance Minister noted that Jamaica’s foreign exchange earnings had been severely affected by the closure of the Bauxite Industry and reduced inflows from Remittances and Tourism.
He called on IFCs as well as the more developed countries of Latin America to join in sharing technology and expertise to allow Jamaica to aggressively develop its agro-industrial sector, as an important replacement industry to create employment and earn foreign exchange.
The Conference was addressed by Her Excellency Michelle Bachelet, President of Chile, Mr. Robert Zoellick, President of the World Bank, Mr. Luis Alberto Moreno, President of the IDB, Mr. Nicolas Eyzaguirre, Director of Latin America and the Caribbean Region for the International Monetary Fund (IMF), Hon. James M. Flaherty, Minister of Finance, Canada, and Mr. Neal Wolin, Deputy Secretary of the US Treasury Department.