IMF deal critical - PM
Published:Monday | February 20, 2012 | 12:00 AM
Janet Silvera, Senior Gleaner Writer
WESTERN BUREAU:
PRIME MINISTER Portia Simpson Miller says the soon-to-be negotiated International Monetary Fund (IMF) agreement will provide a measure of confidence to businesses, while offering some hope to the Jamaican people.
Simpson Miller's comments came in the wake of Finance Minister Dr Peter Phillips' visit to Washington last week to meet with officials of the IMF and other multilateral institutions.
Jamaica is slated to begin formal negotiations with the IMF later this month.
The Government has said that it will be seeking a more flexible agreement instead of the standby loan agreement which was signed by the previous government and which ends in May.
Addressing the business community at the American Chamber of Commerce Speakers' Forum at the Ritz-Carlton Rose Hall in Montego Bay last week, Simpson Miller said her Government was committed to not only balancing the books, but balancing people's lives.
However, she said central to this partnership was a confidence which was dependent on the country's business leaders, investors and entrepreneurs having a clear sense of direction.
"That is one of the reasons we are moving to put in place a credible medium-term, macro-economic programme with the International Monetary Fund," said Simpson Miller.
Essential alliances
Appealing to the group, which included bankers, tourism stakeholders and operators of small and medium-size enterprises, Simpson Miller said in order to achieve the development goals for the country, renewed partnership, increased investments, expanded business alliances and commercial activities were pivotal.
The prime minister again threw out the challenge to the private sector through the Jamaica Employ initiative, calling on companies to employ at least one additional qualified Jamaican.
She argued that the Jamaica Employ holds great potential for meaningful job creation and economic development.
According to Simpson Miller, her administration will be increasing its efforts to attract global investment, and come next month the country will host the 2012 Jamaica Investment Forum, in Montego Bay.
This forum is expected to showcase investment opportunities in key growth sectors.
"We have assembled a high-level team of local and international speakers to share ideas and strategies on the way forward. I impress upon you as business leaders and entrepreneurs to position yourselves to take advantage of the windows of opportunity that exist and others, which I am certain will emerge from this forum," said Simpson Miller.