JIS News

Minister of Finance and the Public Service, Audley Shaw, is to meet with representatives of the Jamaica Manufacturers Association (JMA), to discuss their concerns about funding in the context of the current economic crisis.
Mr. Shaw also assured them of Government’s close cooperation, in overcoming the pressures being created by the economic conditions.
“If there is a problem accessing the IDB money, let’s sit down and talk about it, because I have built up the kind of relationship with the multi-laterals where, if something was designed in a certain way and is not working; let’s go back to the drawing board,” he said.
The Finance Minister was addressing the 2009 Kingston Money Expo hosted by Today’s Money Limited, at the Hilton Kingston Hotel this morning (Feb. 19).
Mr. Shaw made reference to three loan agreements recently signed with the Inter-American Development Bank(IDB), totalling US$329 million. The loans were made available to help local businesses prosper and grow, despite the global economic situation. The funds are being made available for on-lending to banks and other financial agencies through the Development Bank of Jamaica (DBJ).
Mr. Shaw stressed the importance of effective communication, and disclosed that he is committed to meeting with the various sector groups and associations on Wednesday of each week, in an effort to keep information and communication channels open, while dealing with the crisis.
“We need to communicate better. We have to hold on and stop the panicking. We have to settle down and communicate,” he said.
Some of the topics covered at the expo include: the historical and cultural value of savings and investments; private sector initiatives to the challenges in the economy; exploiting business opportunities, and building the nation’s competitive advantage in a challenging economy.

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