IMF predict greater economic woes for Jamaica

The Managing Director of the International Monetary Fund (IMF), is warning that there will be even more difficult economic times for Jamaica next year.



Dominique Strauss Khann says for this reason it is important that the correct policies are implemented now.



The Government has been criticised for not putting in place the right policies to cushion the effects of the global economic crunch.



According to Mr Strauss Khan, different countries have to engage the mechanisms to suit them.



However, he says the IMF stands ready to help Jamaica in the event that its intervention becomes necessary.



Where possible there should also be fiscal stimulus adds Mr. Strauss Khan.



This means more spending or reducing taxes.



Mr Strauss Khann says given Jamaica’s debt problems this may not be advisable.



Jamaica’s total debt is now equal to 110 percent of the country’s total value of goods and service.



At a Private Sector Organisation of Jamaica (PSOJ) function today, Finance Minister, Audley Shaw said the Prime Minister will be addressing the nation on Sunday about local financial challenges.



He says in that address, Mr Golding will respond to some of the proposals by private sector groups to respond to the economic crisis.



In the meantime, he says Jamaicans should have confidence in the local economy.