PM defends Finance Minister’s involvement in FINSAC enquiry

[Lazie]

Prime Minister Bruce Golding has defended his Finance Minister after Thursday's attack by the Opposition who questioned his ability to be a neutral party in the creation of a Commission of Enquiry into the financial sector meltdown of the 1990s.
In an interview with RJR News on Thursday night the Prime Minister said it was important to have an enquiry so that past mistakes would not be repeated in the future.
Mr. Golding argued that Finance Minister Audley Shaw was not compromised.
"I know of certain conversations I had with Mr. Shaw before I appointed him to the Ministry of Finance and there are certain things I had to be satisfied about before I would have given him that ministry. I think he is doing an excellent job and he will be issuing a statement tomorrow. He's not compromised," said Mr. Golding.
He said the decision to have a Commission of Enquiry was taken by the cabinet.
Meanwhile, the Finance Minister said concerns raised by the Opposition about a conflict of interest is unwarranted as he will not be involved in setting up the Enquiry.
Mr. Shaw said he will issue a statement today in a bid to clear the air about his bank debts.
"I just want to indicate that the indebtedness or former indebtedness of one of my companies Shaw's Hardware Limited was a well known fact and the debt to the Jamaica Redevelopment Foundation was settled three years ago in April 2005," said Mr. Shaw.
Mr. Shaw explained that the naming of the Commission members and the parameters of the investigation will be the responsibility of the Prime Minister and the Governor General.
At a press conference on Thursday Dr. Davies demanded that Mr. Shaw withdraw from the Commission of Enquiry.
He said Mr. Shaw, who was one of four Cabinet members who had to be bailed out by FINSAC, had no moral authority to be a part of the Commission.
In the meantime, Mr. Shaw said he intends to testify before the Commission of Enquiry.
The Finance Minister said he has a role to play in revealing the wrongs which were committed during the financial sector crisis of the 1990's.
"I intend to testify before the commission because I firmly believe that Jamaican cannot afford ever again to have another financial sector collapse and it is imperitive that the country becomes fully aware as to the circumstances that lead to the collapse and the consequences," said Mr. Shaw.

[Rockman]

Food shortages worldwide, the first thing Shaw did was go to the IMF and WB.
Shaw should remove himself from the fact-finding process,if alone to remove the doubts of the investigation being impartial.





Blessed

[Lazie]

Food shortages worldwide, the first thing Shaw did was go to the IMF and WB.
Shaw should remove himself from the fact-finding process,if alone to remove the doubts of the investigation being impartial.





Blessed

.. and what is wrong with going to the IMF and the World Bank? Rockman, sometimes I wonder if you're serious.

[Rockman]

The one I am now asking myself is when have I never been serious?
If the stipulations that come with the duffle bag of IMF/WB money are responsible for the shortages of food, then either Shaw does not care or he is ignorant. You have a PM that is nesting socialist reforms and a Minister of Finance(who gets the full backing of the PM)is making sure it will not be possible.
We will continue to blame Yard businesses for their failures, absoving the guilty despite having a shared experience with the rest of the countries, the evidence is global..
We do not deserve to be call Jakans, and thank God for Latin American countries.



Blessed

[Lazie]

The one I am now asking myself is when have I never been serious?
If the stipulations that come with the duffle bag of IMF/WB money are responsible for the shortages of food, then either Shaw does not care or he is ignorant. You have a PM that is nesting socialist reforms and a Minister of Finance(who gets the full backing of the PM)is making sure it will not be possible.
We will continue to blame Yard businesses for their failures, absoving the guilty despite having a shared experience with the rest of the countries, the evidence is global..
We do not deserve to be call Jakans, and thank God for Latin American countries.



Blessed

Suh a di IMF and World Bank responsible fi the food shortage now? Get a grip Rockman. Omar been borrowing money at rates of 8% to about 15% when agencies like the World Bank been lending money at significantly lower rates. The IMF came out and admitted that their policies maynot have been the best for individual countries and said they were going to review those policies.

Get abreast of the facts nuh? Yes ... knocking the gov't will get you brownie points from the Poppy Show Brigade ... but come now ... yuh damaging yuh credibility.

[Rockman]

Gosh lazie, I wish by now you would know there will always be something to my posts, pick a country lazie, do you want to start with Haiti?
A few years ago Haiti farmers produced more than enough for local consumption namely rice, Haiti now imports just about all its rice..., do you know why Lazie?..They had to open their markets.. in order to get a loan from the IMF/WB.Pick a country lazie, it is a common experience. Please do the research.



blessed

[Lazie]

Gosh lazie, I wish by now you would know there will always be something to my posts, pick a country lazie, do you want to start with Haiti?
A few years ago Haiti farmers produced more than enough for local consumption namely rice, Haiti now imports just about all its rice..., do you know why Lazie?..They had to open their markets.. in order to get a loan from the IMF/WB.Pick a country lazie, it is a common experience. Please do the research.



blessed

I thought we were talking about Jamaica's affairs? Suh we gonna be shifting the target now? What is our national debt? Yuh have any idea what percentage of our budget goes to debt servicing? Omar criticized Shaw .. no .. he mocked Shaw that no cheap money nuh exist. Well, Shaw raised money from the WB at 5%.

Unuh need fi get real.

[Rockman]

Having a shared experience is about identifying the target, not shifting the target...
And it is my hunch after your research, you would not even want interest free loans from the IMF or WB.
That has everything to do with getting real.
The situation is so drastic that it can undo free tuition,free registration, and any other altruistic ventures the PM wanted to pursue.



Blessed

[Lazie]

Having a shared experience is about identifying the target, not shifting the target...
And it is my hunch after your research, you would not even want interest free loans from the IMF or WB.
That has everything to do with getting real.
The situation is so drastic that it can undo free tuition,free registration, and any other altruistic ventures the PM wanted to pursue.



Blessed

What is free registration Rockman? The fact the you have that wrong and insist on being like Don1 ... how we can tek yuh serious?

[Assasin]

Yes IMF and World Bank have to take some blame but the government of the day have to take some as well.

Man was importing inferior and outdated products, we did nothing to stop the dumping of products on us instead we welcome it cause a few people politically connected people coulda set up shop and make some money selling to the higlers on Orange St.

Nobody tied the government hand to take so much money that it had no say in the terms. WE simply SOLD our souls. Remember the days when a man had ten cows and he was rich?

[Rockman]

Well enlighten me friend, starting with exactly why am I wrong(a issue I am sure will prove to be of lesser importance..), and what that has to do with your taking me serious?

Blessed

[Assasin]

It is more than free registration as Lazie said. It is free healthcare.

Only people who pay a the people who have insurance through there companies, (that is my understanding).

What are they charged for?

[Rockman]

Hold up,yuh mean less than Ja$1,000 gets you medical treatment in Ja?
Can't wait for Lazie to enlighten me, this is going to be interesting.




Blessed

[Hortical]

Too much inferior consumer goods a Ja, and stores like Ammars full a dem tings deh. Difficult to reverse the trend when the manufacturing base is on life support.

[Assasin]

yes less than one cent.