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INTERNATIONAL Monetary Fund (IMF) senior representative in Jamaica Gene Leon today defended Government’s decision to freeze waivers and incentives, saying they were in need of an overhaul.
Prime Minister Bruce Golding last week announced that his administration had suspended the issuing of waivers and incentives in a move to reduce the budget deficit and boost the economy. Leon argued in defence of Government that the waiver and incentives policy had gone for decades without reform.
Addressing a Jamaica Exporters Association function in New Kingston this morning he stressed that the recession made it even more important to restructure the policy to improve its efficiency.
“When you are in a situation where constraints begin to bite, you need to step back and ask yourself what was the purpose and what was the objective of that policy I put in place ages ago and then you need to ask whether it’s fulfilling its purpose and can it be done better,” said Leon.
The IMF made a review of wavers and incentives a condition of its US$1.2 billion standby loan with Jamaica.
http://www.jamaicaobserver.com/lates...s-Gov-t-freeze
Prime Minister Bruce Golding last week announced that his administration had suspended the issuing of waivers and incentives in a move to reduce the budget deficit and boost the economy. Leon argued in defence of Government that the waiver and incentives policy had gone for decades without reform.
Addressing a Jamaica Exporters Association function in New Kingston this morning he stressed that the recession made it even more important to restructure the policy to improve its efficiency.
“When you are in a situation where constraints begin to bite, you need to step back and ask yourself what was the purpose and what was the objective of that policy I put in place ages ago and then you need to ask whether it’s fulfilling its purpose and can it be done better,” said Leon.
The IMF made a review of wavers and incentives a condition of its US$1.2 billion standby loan with Jamaica.
http://www.jamaicaobserver.com/lates...s-Gov-t-freeze