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Former central bank Governor Derick Latibeaudiere is maintaining that he made the right decision when he opposed the Jamaica Debt Exchange (JDX) over year ago.
Under the JDX the government saved about $40 billion in interest payments by swapping high-interest instruments for ones with lower interest rates.
The maturity dates of the investment instruments were also extended.
Last week, the finance minister Audley Shaw reported for the first time that Latibeaudiere resistance to the JDX was among the reasons his contract was terminated.
Shaw also said he regretted not firing Latibeaudiere earlier.
Speaking this morning on Real Business on Power 106FM, Latibeaudiere denied that he was fired.
But he said the introduction of the JDX has resulted in a worsening of the economy, which registered 14 consecutive quarters of decline before January this year.
Latibeaudiere’s contract was terminated in 2009 because of what the Prime Minister said were the very repugnant and untenable terms.
Under the contract, Latibeaudiere was entitled to $38 million a year in salary and accommodation benefits.
However, Latibeaudiere said he was only collecting his salary of around $16 million a year since he believed there was need for discussion about his housing accommodation.
Under the JDX the government saved about $40 billion in interest payments by swapping high-interest instruments for ones with lower interest rates.
The maturity dates of the investment instruments were also extended.
Last week, the finance minister Audley Shaw reported for the first time that Latibeaudiere resistance to the JDX was among the reasons his contract was terminated.
Shaw also said he regretted not firing Latibeaudiere earlier.
Speaking this morning on Real Business on Power 106FM, Latibeaudiere denied that he was fired.
But he said the introduction of the JDX has resulted in a worsening of the economy, which registered 14 consecutive quarters of decline before January this year.
Latibeaudiere’s contract was terminated in 2009 because of what the Prime Minister said were the very repugnant and untenable terms.
Under the contract, Latibeaudiere was entitled to $38 million a year in salary and accommodation benefits.
However, Latibeaudiere said he was only collecting his salary of around $16 million a year since he believed there was need for discussion about his housing accommodation.
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