gleaner get cross

[Assasin]

http://jamaica-gleaner.com/gleaner/2...cleisure1.html

[Lazie]

http://jamaica-gleaner.com/gleaner/2...cleisure1.html

Who yuh fraid of?


EDITORIAL - Where is the Government?


Avoiding Jamaica's worst nightmare

Jamaica is at a crossroads. A wrong turn could lead to its worst nightmare: its collapse and failure as a state. The right turn offers a chance of economic stability, recovery, growth and jobs.
But this will require, first, someone taking charge of the Government. Then the administration has to start implementing a credible plan to deal with the debt crisis. It would, thereafter, invite the International Monetary Fund (IMF) to support the programme. It is a shame that, despite the administration's protestations to the contrary, our Government seems to be waiting on the IMF to tell it what is to be done. For that is known.
The crux of Jamaica's problem is its debt of J$1.68 trillion, excluding amounts owed but not accounted for in published data. The overall debt is 140 per cent of gross domestic product, placing Jamaica on the same plane as Greece and other troubled Eurozone countries.
Servicing the debt consumes nearly 60 per cent of the Government's annual Budget. What is left can cover less than 20 per cent of the salaries of government employees. The Government has to borrow to meet its other expenses. This is unsustainable. The huge debt-servicing cost siphons cash from critical areas, such as education, national security and the maintenance of public infrastructure.
The Government has to borrow less and bring its spending in line with its income. The Government says it has the formula: it is to overhaul the public sector for efficiency and cost; civil servants are to be asked to contribute more to their pensions; and the tax system is to be revised to minimise evasion and corruption to ensure that more people pay their fair share.
But nearly a year into its five-year term, the Simpson Miller administration is proving as incompetent as the last Jamaica Labour Party Government. Its only expertise is to talk.
The Government's indecision tells in the country's declining net international reserves, sliding currency, and last week's negative outlook for Jamaica by the ratings agency Standard & Poor's and its warning that if things don't turn for the better, it will downgrade the Government's bonds.
A nightmarish spectre
The administration's failure to act could cause a nightmarish spectre to materialise. Continued waffling and indecision, and the absence of an agreement with the IMF, would lock the external financial spigots tighter. Devaluation of the Jamaican dollar would accelerate and the country's declining reserves could disappear.
Debt default would soon be on the horizon. The result would be capital flight, a government-caused bankruptcy of financial institutions, and the loss of deposits of savers and pension schemes. Unemployment would rocket. Street demonstrations might be inevitable. The recent reversal of gains against crime would worsen social disorder.
Faced with a collapsing state and an absent government, there may be a popular demand for an alternative. Who would provide this? The Jamaica Defence Force, which surveys say is the country's most credible institution, might appear attractive as leadership-by-coup.
This nightmare - now thankfully only a bad dream - can be avoided if the administration wakes up. But where is the Government? Where is its leadership?
Wake up, Prime Minister. Get your Government functional and get us out of this mess.

[Lazie]

Suh is after these jokers get elected people a worry bout avoiding nightmare? Who cyaan hear muss feel.

[Gamma]

avoiding nightmare? where were you lazie? nightmare was on the table from the get go .... it was so said!

[Lazie]

avoiding nightmare? where were you lazie? nightmare was on the table from the get go .... it was so said!

No no ... "Avoiding Jamaica's worst nightmare" ..those are the words from the Gleaner Editor.

[Mosiah]

Newsletter get cross first!

The feasibility of a non-IMF economic policy
Wednesday, October 17, 2012


THE big question on most people's minds these days is whether the Government will be able to secure an acceptable agreement with the International Monetary Fund (IMF).

What is not at issue is the absolutely correct statement by Mr Chris Zacca, president of the Private Sector Organisation of Jamaica, that with or without an IMF agreement there will be economic pain. It is clear that the Portia Simpson Miller Government is not enthusiastic about signing and implementing an IMF agreement.

What is also a fact is that the Bruce Golding Government lost its commitment to sticking to the course and/or failed in its implementation of the IMF agreement.

The history since the first IMF agreement in 1976 shows two facts. First, neither political party demonstrated the political will and the economic management to successfully implement an IMF agreement. Second, neither political party is willing to subject itself to the strictures of an IMF agreement because the resulting economic hardship erodes political support and eventually leads to the Government being voted out of office.

No politician wants to be out of power, so they all try to avoid having to implement an IMF agreement. The question is, therefore, can a government manage the economy on a sustainable basis without an IMF agreement? It means implementing the same policy measures which the IMF would have required, but without funds from the IMF and, more importantly, budget support loans conditional on having an IMF agreement, such as those from the World Bank and Inter-American Development Bank.

If the Government can borrow enough, it can do without the IMF. The problem is that this course of action is not sustainable. The PNP Government can make the hollow claim that it did not have an IMF agreement during its 18-year reign. It left office just before it could borrow no more, leaving the newly elected JLP Government no alternative but to sign an IMF agreement.
The question is, how long can the Government borrow enough to avoid an IMF agreement?

That, we hold, is not likely to be a sustainable course, given the debt/GDP ratio of nearly 130 per cent and dwindling international reserves.

The rationale for a non-IMF path eludes us because it will not improve the negotiating position with the IMF, and will make the eventual adjustment even more drastic. The short time without an agreement is not going to be sufficient for the Government to boost economic growth to improve its fiscal and other macroeconomic indicators to the point where it could do without IMF-triggered funds.

We do not think that a non-IMF path, whether by accident, expediency or as deliberate strategy, is feasible. Therefore, the Government must have in place an IMF agreement as quickly as possible to preserve the stability of the exchange rate and to maintain international reserves.


Read more: http://www.jamaicaobserver.com/edito...#ixzz29d66Ka6G

[Lazie]

Newsletter get cross first!

The feasibility of a non-IMF economic policy
Wednesday, October 17, 2012


THE big question on most people's minds these days is whether the Government will be able to secure an acceptable agreement with the International Monetary Fund (IMF).

What is not at issue is the absolutely correct statement by Mr Chris Zacca, president of the Private Sector Organisation of Jamaica, that with or without an IMF agreement there will be economic pain. It is clear that the Portia Simpson Miller Government is not enthusiastic about signing and implementing an IMF agreement.

What is also a fact is that the Bruce Golding Government lost its commitment to sticking to the course and/or failed in its implementation of the IMF agreement.

The history since the first IMF agreement in 1976 shows two facts. First, neither political party demonstrated the political will and the economic management to successfully implement an IMF agreement. Second, neither political party is willing to subject itself to the strictures of an IMF agreement because the resulting economic hardship erodes political support and eventually leads to the Government being voted out of office.

No politician wants to be out of power, so they all try to avoid having to implement an IMF agreement. The question is, therefore, can a government manage the economy on a sustainable basis without an IMF agreement? It means implementing the same policy measures which the IMF would have required, but without funds from the IMF and, more importantly, budget support loans conditional on having an IMF agreement, such as those from the World Bank and Inter-American Development Bank.

If the Government can borrow enough, it can do without the IMF. The problem is that this course of action is not sustainable. The PNP Government can make the hollow claim that it did not have an IMF agreement during its 18-year reign. It left office just before it could borrow no more, leaving the newly elected JLP Government no alternative but to sign an IMF agreement.
The question is, how long can the Government borrow enough to avoid an IMF agreement?

That, we hold, is not likely to be a sustainable course, given the debt/GDP ratio of nearly 130 per cent and dwindling international reserves.

The rationale for a non-IMF path eludes us because it will not improve the negotiating position with the IMF, and will make the eventual adjustment even more drastic. The short time without an agreement is not going to be sufficient for the Government to boost economic growth to improve its fiscal and other macroeconomic indicators to the point where it could do without IMF-triggered funds.

We do not think that a non-IMF path, whether by accident, expediency or as deliberate strategy, is feasible. Therefore, the Government must have in place an IMF agreement as quickly as possible to preserve the stability of the exchange rate and to maintain international reserves.


Read more: http://www.jamaicaobserver.com/edito...#ixzz29d66Ka6G

A low information voter on the defense. When YOU start quoting the Observer its clear yuh grabbing at anything. If you people were paying attention to what was happening instead of trying to drive out a working PM, for a joker who is constantly in hiding unuh wouldn't look suh fool.

[Assasin]

What is also a fact is that the Bruce Golding Government lost its commitment to sticking to the course and/or failed in its implementation of the IMF agreement.



without doubt that is true, want you need to find out is the amount that he gave the civil servant, the tax reform, pension reform and civil servant why it derail. Other than that the IMF say we were on the right path. Peter know that and 10 months later????

[Mosiah]

A few weeks ago I could have sworn you said something different.

Sass, stick to the football forum!

[Assasin]

you guessing or you know I said nothing different. I said Peter is Dilly Dallying, He had six month to get things right without any instability.

Stop guess and keep track. Mi never know mi woulda see you a defend incompetence so