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Should Shaw go? - Analysts have mixed views on whether the finance minister should resign
Finance Minister Audley Shaw is coming under increasing pressure as Jamaica faces what is widely accepted as one of its worst economic challenges since Independence.
With several questions being asked, even before he was given control of the country's purse strings, recent developments including the downgrade of the country's credit rating by Standard and Poor's (S&P) have led to renewed questions about Shaw's ability to head the finance ministry.
Financial commentator John Jackson has jumped to Shaw's defence, arguing that the best option is to retain him in that post.
"I see nobody, either in the PNP (People's National Party) or the JLP (Jamaica Labour Party) who has better credentials than Shaw, with the exception of (Prime Minister Bruce) Golding, to take over that slot," Jackson told The Gleaner.
Jackson said he could not agree with persons who believe the country's economic affairs are being badly managed.
"The reality of life is that Jamaica's economy has been badly managed for decades," Jackson said.
Call for resignation
Last month, Mark Golding, the Opposition spokesman on industry and commerce, called for the resignation of Shaw, who he claimed had so far failed in his attempts to steer Jamaica out of its economic crisis.
Opposition Spokesman on Finance Dr Omar Davies has, however, stayed far from that line.
Davies told The Gleaner that he would not point the finger at Shaw or any individual in the Government for the poor management of the economy. Instead, he said, the entire Government was at fault.
Davies has already made it clear that he was less than impressed with the Government's management of the country's economic affair.
"This most recent downgrade turns the spotlight on clear deficiencies in the management of the country's economic affairs by the current administration," Davies said in a statement last week as he responded to the S&P downgrade.
According to Davies, "While the Opposition recognises the negative impact of the world recession on the country, the plain fact is that the administration's overall economic management and the handling of fiscal matters, in particular, have done very little to promote confidence, either domestically, or externally."
That is a sentiment shared by Richard Crawford, convenor of Jamaicans for Sustainable Development.
Crawford told The Gleaner there was "a growing sentiment in the country that the whole management of the ministry of finance is poor".
"There is confusion, it lacks direction and there is cause for great concern," Crawford said.
However, Jackson argued that, rather than pointing blame at Shaw, the country should accept that the current economic woes are partly as a result of an accumulation of debt over the years.
"Some of us for years have been saying that the country was not in a position to face shocks because of the extent of the debt and the cost for servicing those debts. The powers that be just went on their merry way and just piled on more debt," Jackson said.
According to Jackson, if there is a need to blame anyone for the state of the country's economy, then there is enough to go around for everyone, including Davies, who served as finance minister for 14 years - from 1993 to 2007.
"Audley Shaw is no worse a minister of finance than the previous one and some of the others before that," Jackson said.
"I think he is doing a reasonably good job. He is doing no worse a job than anybody else has done before. He is new to the system and, like anybody who is relatively new, he may not make all of the right moves."
Not comfortable
However, Crawford does not hold the view that Shaw is doing a relatively good job. He told The Gleaner that, if he were to write on Shaw's report card, it would be three out of 10 for performance.
"We are not comfortable that Mr Shaw or the Government has really displayed the capacity to manage the country's economy effectively," Crawford said.
He told The Gleaner that Shaw is at a crossroads and he "must determine whether he is capable and willing to do what is necessary to correct the problems in the Jamaican economy or, if not, to ask that he be relieved of that position."
Former PNP General Secretary Donald Buchanan was more caustic in his assessment of Shaw.
"He does not know what he is doing. He is a complete novice and incompetent and, until the prime minister wakes up and understands that Shaw cannot manage the finance ministry, Jamaica is heading for economic disaster," Buchanan said.
daraine.luton@gleanerjm.com
http://www.jamaica-gleaner.com/glean...business1.html
Finance Minister Audley Shaw is coming under increasing pressure as Jamaica faces what is widely accepted as one of its worst economic challenges since Independence.
With several questions being asked, even before he was given control of the country's purse strings, recent developments including the downgrade of the country's credit rating by Standard and Poor's (S&P) have led to renewed questions about Shaw's ability to head the finance ministry.
Financial commentator John Jackson has jumped to Shaw's defence, arguing that the best option is to retain him in that post.
"I see nobody, either in the PNP (People's National Party) or the JLP (Jamaica Labour Party) who has better credentials than Shaw, with the exception of (Prime Minister Bruce) Golding, to take over that slot," Jackson told The Gleaner.
Jackson said he could not agree with persons who believe the country's economic affairs are being badly managed.
"The reality of life is that Jamaica's economy has been badly managed for decades," Jackson said.
Call for resignation
Last month, Mark Golding, the Opposition spokesman on industry and commerce, called for the resignation of Shaw, who he claimed had so far failed in his attempts to steer Jamaica out of its economic crisis.
Opposition Spokesman on Finance Dr Omar Davies has, however, stayed far from that line.
Davies told The Gleaner that he would not point the finger at Shaw or any individual in the Government for the poor management of the economy. Instead, he said, the entire Government was at fault.
Davies has already made it clear that he was less than impressed with the Government's management of the country's economic affair.
"This most recent downgrade turns the spotlight on clear deficiencies in the management of the country's economic affairs by the current administration," Davies said in a statement last week as he responded to the S&P downgrade.
According to Davies, "While the Opposition recognises the negative impact of the world recession on the country, the plain fact is that the administration's overall economic management and the handling of fiscal matters, in particular, have done very little to promote confidence, either domestically, or externally."
That is a sentiment shared by Richard Crawford, convenor of Jamaicans for Sustainable Development.
Crawford told The Gleaner there was "a growing sentiment in the country that the whole management of the ministry of finance is poor".
"There is confusion, it lacks direction and there is cause for great concern," Crawford said.
However, Jackson argued that, rather than pointing blame at Shaw, the country should accept that the current economic woes are partly as a result of an accumulation of debt over the years.
"Some of us for years have been saying that the country was not in a position to face shocks because of the extent of the debt and the cost for servicing those debts. The powers that be just went on their merry way and just piled on more debt," Jackson said.
According to Jackson, if there is a need to blame anyone for the state of the country's economy, then there is enough to go around for everyone, including Davies, who served as finance minister for 14 years - from 1993 to 2007.
"Audley Shaw is no worse a minister of finance than the previous one and some of the others before that," Jackson said.
"I think he is doing a reasonably good job. He is doing no worse a job than anybody else has done before. He is new to the system and, like anybody who is relatively new, he may not make all of the right moves."
Not comfortable
However, Crawford does not hold the view that Shaw is doing a relatively good job. He told The Gleaner that, if he were to write on Shaw's report card, it would be three out of 10 for performance.
"We are not comfortable that Mr Shaw or the Government has really displayed the capacity to manage the country's economy effectively," Crawford said.
He told The Gleaner that Shaw is at a crossroads and he "must determine whether he is capable and willing to do what is necessary to correct the problems in the Jamaican economy or, if not, to ask that he be relieved of that position."
Former PNP General Secretary Donald Buchanan was more caustic in his assessment of Shaw.
"He does not know what he is doing. He is a complete novice and incompetent and, until the prime minister wakes up and understands that Shaw cannot manage the finance ministry, Jamaica is heading for economic disaster," Buchanan said.
daraine.luton@gleanerjm.com
http://www.jamaica-gleaner.com/glean...business1.html
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