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OPPOSITION spokesman on finance, planning, growth and economic development, Audley Shaw, says that any "trust deficit" between Jamaica, the International Monetary Fund(IMF) and other multilaterals is not a relic of the previous Jamaica Labour Party (JLP) Administration.
"If somebody has a trust deficit, it's not me," Shaw, the former minister of finance, told the Jamaica Observer after the Opposition party's post-Budget press briefing at its Belmont Road headquarters last Friday.
SHAW... if somebody has a trust deficit, it’s not me
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"How could a minister with a trust deficit have drawn down US$318 million in loans from the multilaterals in November, 2011?" he questioned, noting the recent claim Finance Minister Dr Peter Phillips that the current Government is unable to access over US$30 million in loans and grants from the Inter-American Development Bank (IDB) and the European Union (EU) because the IMF Stand-By Arrangement went off rails under the previous government.
Arguing that the current debt level threatens the "stability and the very survival" of the country," Phillips said in his budget closing speech that "if we refuse to do anything to reduce this debt from its present level, Jamaica will receive no further financing from the main multilateral institutions such as the Inter-American Development Bank(IDB), the World Bank and the EU. From the IDB and the EU, alone, there are some US$306 million in loans and grants that we are unable to access at this time, because the IMF Stand-By Arrangements went off rails".
But, according to Shaw, some of the funds are unavailable because the Government has not fulfilled certain conditions for disbursement. He noted that, for example, a condition of the EU funding is the passage of the Corruption Prevention Bill in Parliament. The Bill was tabled in the Senate in June 2008 and passed in that House with 49 amendments in January last year, but has been stuck in the House of Representative since then.
"If they are making progress in dealing with the debt, they can go to the multilaterals and ask them to release the money. That's what I did. He must stop complaining and do the continuing work in structural reform and convince them that he is making reasonable progress," Shaw said.
Opposition Leader Andrew Holness, speaking at the post-Budget press briefing, said that the Government does not have to fear the Opposition in carrying forward the reform agenda.
"We have been frank and upfront; the Government does not have to worry about us. But, the government is its worst enemy. It must come to to the reality that the exercise of political power needs economic independence," Holness said.
Read more: http://www.jamaicaobserver.com/news/...#ixzz1xrQKw4Tq
"If somebody has a trust deficit, it's not me," Shaw, the former minister of finance, told the Jamaica Observer after the Opposition party's post-Budget press briefing at its Belmont Road headquarters last Friday.
SHAW... if somebody has a trust deficit, it’s not me
1/1
"How could a minister with a trust deficit have drawn down US$318 million in loans from the multilaterals in November, 2011?" he questioned, noting the recent claim Finance Minister Dr Peter Phillips that the current Government is unable to access over US$30 million in loans and grants from the Inter-American Development Bank (IDB) and the European Union (EU) because the IMF Stand-By Arrangement went off rails under the previous government.
Arguing that the current debt level threatens the "stability and the very survival" of the country," Phillips said in his budget closing speech that "if we refuse to do anything to reduce this debt from its present level, Jamaica will receive no further financing from the main multilateral institutions such as the Inter-American Development Bank(IDB), the World Bank and the EU. From the IDB and the EU, alone, there are some US$306 million in loans and grants that we are unable to access at this time, because the IMF Stand-By Arrangements went off rails".
But, according to Shaw, some of the funds are unavailable because the Government has not fulfilled certain conditions for disbursement. He noted that, for example, a condition of the EU funding is the passage of the Corruption Prevention Bill in Parliament. The Bill was tabled in the Senate in June 2008 and passed in that House with 49 amendments in January last year, but has been stuck in the House of Representative since then.
"If they are making progress in dealing with the debt, they can go to the multilaterals and ask them to release the money. That's what I did. He must stop complaining and do the continuing work in structural reform and convince them that he is making reasonable progress," Shaw said.
Opposition Leader Andrew Holness, speaking at the post-Budget press briefing, said that the Government does not have to fear the Opposition in carrying forward the reform agenda.
"We have been frank and upfront; the Government does not have to worry about us. But, the government is its worst enemy. It must come to to the reality that the exercise of political power needs economic independence," Holness said.
Read more: http://www.jamaicaobserver.com/news/...#ixzz1xrQKw4Tq