JMA voice global credit crunch concerns

The Jamaica Manufacturers Association (JMA) is concerned that the impact of the global credit crunch could have further damaging effects on the industry.



JMA president, Omar Azan, said manufacturers have already been feeling the effects of the financial crisis that has hit the US and is now spreading to other countries.



He said suppliers to the manufacturing sector have been cutting back on their payment terms for local companies.



Mr. Azan said in some cases credit periods have been cut from 90 to 60 days and there are some suppliers, who expect full payment within a month.



Mr. Azan said several companies have also been asking for cash up front.



He said he is hoping that funds will be made available to the production sector.



The JMA president said he has already spoken with Finance Minister Audley Shaw about identifying sources of funding for the manufacturing industry.



He’s further suggesting that commercial banks revisit the interest rates they offer on loans and other products.