Worst is Behind Jamaica – Finance Minister

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has expressed confidence that the worst is behind Jamaica as it relates to developments in the economy, which will facilitate the signing of an agreement with the International Monetary Fund (IMF).

“Certainly, from my point of view, the most difficult part of the process was in meeting the prior conditions and completing the negotiations on terms that we considered acceptable for Jamaica,” he stated.

The Minister, who was addressing a post-Budget press briefing at the Ministry’s Heroes’ Circle offices on April 19, remained cautious, however, pointing out that Jamaica still faces the challenge of maintaining this new budget within the targets that have been set.

“If there is one thing that I have learned is that the solution to every problem only exposes the other challenges, which we face. Our challenge is to maintain this budget within the targets that have been set – it’s not going to be easy,” he said.

The Minister noted that among the major objectives is to ensure that the country meets the programme targets in the Extended Fund Facility agreement, and to ensure that all the different elements of the public sector do their bit to keep the economy in motion, and to “rev up” growth.

He stated that what is most needed is “the kind of focus that recognises that there will always be challenges, but to be confident in our collective ability to surmount those challenges as they arise.”

Dr. Phillips acknowledged that there will be setbacks and “diversions that we will have to take,” but stated that “we need to keep the fundamental objective in view and ensure that we stay the course.”

In the meantime, the Finance Minister informed that he will depart the island on April 19 for the United States for what is to be the final round of meetings with the IMF before the signing of the Extended Fund Facility agreement.

He will head a delegation to the spring meetings of the IMF and the World Bank, scheduled to take place on Saturday, April 20, in Washington, D.C.

Dr. Phillips is expected to return on Monday, in time for the continuation of the Budget Debate on Tuesday, April 23, in the House of Representatives.

By Athaliah Reynolds-Baker, JIS Reporter