Decline in the country's NIR sparks concern

[Lazie]

Opposition Spokesman on Finance, Audley Shaw, is expressing alarm at what he says is the decline in the country's Net International Reserves, NIR, to a nine year low.
The reserves are now in the region of 1-point-2 billion US dollars.
Mr. Shaw who was speaking in the House of Representatives yesterday said in April 2011 the reserves peaked at 2.6 billion US dollars.
He said this has led to international suppliers of goods being cautious in doing business with Jamaica:
According to Mr Shaw they are cutting supplies of goods to Jamaica as they are not able to get the foreign exchange in time.
He also said that local producers are only getting a cation of the funds they need
In response Finance Minister Dr. Peter Phillips threw blame at the feet of the Opposition saying the state of the NIR was due to its abandonment of the previous IMF programme.

[Lazie]

"In response Finance Minister Dr. Peter Phillips threw blame at the feet of the Opposition saying the state of the NIR was due to its abandonment of the previous IMF programme."

LOL!!!! Typical. Of course the low information voters gonna buy it. In any case, Shaw need to stop talk ... give the people what they want.

[Karl]

That cautiousness on doing business with Jamaican home entities has been going on for years. It usually takes about 2 years of being in 'good stead' before credit is extended.

...and as usual most trading entities require 'cash' (i.e. the local Jamaican entities have to supply various 'guaranteed' funds instruments) ...or 'bank drafts'.

Our purchases have been in the main 'cash purchases'...and those have always included our government and quasi-government institutions. Afraid to do business with us? Never met any entity that has been afraid to accept 'cash' that is not tainted.

[Assasin]

imagine much worst it is with NIR depleting.