Tweet
Jamaica's stability attributed to tough decisions - says Scotia CEO
Scotia Bank Jamaica's CEO - Bruce Bowen
Chief Executive Officer of Scotia Bank Jamaica, Bruce Bowen, says over the last three years, Jamaica has been able to achieve much stability which has created a platform for economic growth to benefit all Jamaicans.
He says tough decisions were taken about three years ago - including the Jamaica Debt Exchange - that have reaped benefits.
The Scotia Bank CEO was speaking on Friday at the opening of an Agri-Research Lab at Northern Caribbean University, equipment for which was sponsored by the bank to the tune of 10 million dollars.
Mr. Bowen argues that there is the real risk that over the next few years, the country may waste the opportunities that are ahead.
He feels the country is starting to see the erosion of some of the benefits that it has achieved, and is beginning to face a number of situations of great concern.
Among them, he says, are an international economic environment that is not friendly to Jamaica.
Mr. Bowen says the slowing economy of China is impacting commodity markets, which, in turn, impacts bauxite, which is crucial to Jamaica.
The Scotia Bank CEO says the the country's fiscal situation is not what it should be.
"The Government's fiscal situation has deteriorated and we knew that leading up to the later parters of 2011, this appears to have been confirmed that we missed some of the targets that were expected under the IMF standby agreement were missed, so the situation could quickly get out of control"
Meanwhile, Mr Bowen says the solution to the challenges being faced is tax reform, pension reform, the reduction of expenses, and the divestment of public sector entities that are not making money, the reduction of energy costs, and the reduction of crime.
"But we need to reduce crime by getting into areas where there are strong criminal networks, we also need to deal with it by looking at those in society we are benefitting from crime. We have to deal with it" he said.
Scotia Bank Jamaica's CEO - Bruce Bowen Chief Executive Officer of Scotia Bank Jamaica, Bruce Bowen, says over the last three years, Jamaica has been able to achieve much stability which has created a platform for economic growth to benefit all Jamaicans.
He says tough decisions were taken about three years ago - including the Jamaica Debt Exchange - that have reaped benefits.
The Scotia Bank CEO was speaking on Friday at the opening of an Agri-Research Lab at Northern Caribbean University, equipment for which was sponsored by the bank to the tune of 10 million dollars.
Mr. Bowen argues that there is the real risk that over the next few years, the country may waste the opportunities that are ahead.
He feels the country is starting to see the erosion of some of the benefits that it has achieved, and is beginning to face a number of situations of great concern.
Among them, he says, are an international economic environment that is not friendly to Jamaica.
Mr. Bowen says the slowing economy of China is impacting commodity markets, which, in turn, impacts bauxite, which is crucial to Jamaica.
The Scotia Bank CEO says the the country's fiscal situation is not what it should be.
"The Government's fiscal situation has deteriorated and we knew that leading up to the later parters of 2011, this appears to have been confirmed that we missed some of the targets that were expected under the IMF standby agreement were missed, so the situation could quickly get out of control"
Meanwhile, Mr Bowen says the solution to the challenges being faced is tax reform, pension reform, the reduction of expenses, and the divestment of public sector entities that are not making money, the reduction of energy costs, and the reduction of crime.
"But we need to reduce crime by getting into areas where there are strong criminal networks, we also need to deal with it by looking at those in society we are benefitting from crime. We have to deal with it" he said.
Comment