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'I put my country first'
Former BOJ governor won't get into public brawl with gov't
BY DESMOND ALLEN Executive Editor - Operations allend@jamaicaobserver.com
Thursday, November 05, 2009
DERICK Latibeaudiere yesterday shied away from a public brawl with the Government over his dismissal as central bank governor, insisting that an ugly back-and-forth with the administration would be bad for Jamaica at this time.
"I will never be tempted to do anything which would adversely affect the Jamaica which I love. There is an International Monetary Fund (IMF) team here at the moment and it would hurt the country if there was such a thing between me and the Government," the embattled Latibeaudiere told the Observer.
"In the difficult circumstances in which Jamaica finds itself, I prefer to put my country first. I believe there is a very delicate balance to be struck. I certainly don't want to engage in any public discussion that could impair the IMF negotiation process," he said.
Latibeaudiere, who spent 34 years at the Bank of Jamaica, 13 of them as governor, was relieved of his job last Friday, ostensibly over the terms of his contract, the interpretation of which Prime Minister Bruce Golding described as "unacceptable, embarrassing, repugnant" in an address to parliament Tuesday.
His departure was forewarned by the resignation of BOJ board member, Dr Jeffery Pyne, whom sources said felt scandalised by the provisions in the governor's compensation package.
But in declining to speak about his contract at this time, Latibeaudiere, 58, said he had led Jamaica's IMF negotiations to near conclusion and he was convinced that the Washington-based lending institution "is anxious to conclude a good agreement with Jamaica".
He said continuity was guaranteed after his departure because the elements of the IMF programme which had to do with the BOJ had been completed, and he had "a great deal of confidence" in his successor, Brian Wynter, a former deputy governor of the central bank and the technical team there.
Asked why an IMF pact was taking so long, he said: "There is a strong commitment on both sides to conclude an agreement as soon as possible and that is what is important now. Many people are not aware how difficult it is to construct a programme like this in the middle of a recession. But a lot of strides have been made."
On his tenure, he said the "BOJ is my life's work", and he had worked hard and long to achieve stability in the economy, arguing that without stability, no economy could go forward.
"That is why I would do nothing to jeopardise that now. I live here and it is incumbent on all of us to do what we can to ensure this stability continues," said Latibeaudiere.
Former BOJ governor won't get into public brawl with gov't
BY DESMOND ALLEN Executive Editor - Operations allend@jamaicaobserver.com
Thursday, November 05, 2009
DERICK Latibeaudiere yesterday shied away from a public brawl with the Government over his dismissal as central bank governor, insisting that an ugly back-and-forth with the administration would be bad for Jamaica at this time.
"I will never be tempted to do anything which would adversely affect the Jamaica which I love. There is an International Monetary Fund (IMF) team here at the moment and it would hurt the country if there was such a thing between me and the Government," the embattled Latibeaudiere told the Observer.
"In the difficult circumstances in which Jamaica finds itself, I prefer to put my country first. I believe there is a very delicate balance to be struck. I certainly don't want to engage in any public discussion that could impair the IMF negotiation process," he said.
Latibeaudiere, who spent 34 years at the Bank of Jamaica, 13 of them as governor, was relieved of his job last Friday, ostensibly over the terms of his contract, the interpretation of which Prime Minister Bruce Golding described as "unacceptable, embarrassing, repugnant" in an address to parliament Tuesday.
His departure was forewarned by the resignation of BOJ board member, Dr Jeffery Pyne, whom sources said felt scandalised by the provisions in the governor's compensation package.
But in declining to speak about his contract at this time, Latibeaudiere, 58, said he had led Jamaica's IMF negotiations to near conclusion and he was convinced that the Washington-based lending institution "is anxious to conclude a good agreement with Jamaica".
He said continuity was guaranteed after his departure because the elements of the IMF programme which had to do with the BOJ had been completed, and he had "a great deal of confidence" in his successor, Brian Wynter, a former deputy governor of the central bank and the technical team there.
Asked why an IMF pact was taking so long, he said: "There is a strong commitment on both sides to conclude an agreement as soon as possible and that is what is important now. Many people are not aware how difficult it is to construct a programme like this in the middle of a recession. But a lot of strides have been made."
On his tenure, he said the "BOJ is my life's work", and he had worked hard and long to achieve stability in the economy, arguing that without stability, no economy could go forward.
"That is why I would do nothing to jeopardise that now. I live here and it is incumbent on all of us to do what we can to ensure this stability continues," said Latibeaudiere.
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