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CITIZENS ACTION for PRINCIPLE and INTEGRITY (CAPI) has welcomed the joint national broadcast by the Prime Minister and her Minister of Finance describing it as encouraging, promising and a further demonstration of the government’s willingness, subsequent to its post Cabinet retreat disclosure, to be candid to the Jamaican people on the preconditions pursuant to the inking of an International Monetary Fund (IMF) agreement.
Notwithstanding, the absence of specific timelines in meeting the stated prior actions, namely, the reduction of the public sector wage bill, liability management (JDX2), and significant tax reforms as it relates to the elimination of discretionary waivers, CAPI detects a sense of realization on the government’s part that it cannot be business as usual as the government prepares the country for the inevitable harsh but necessary measures in reducing the debt to GDP ratio from 140% to 95%.
According to co-convenor, former Jamaica Labour Party senator, Dennis Meadows, it is important that the government ensure a timely update from here on so as to make stakeholders aware of the progress of the structural reforms and to maintain the public’s buy-in on the journey of economic recovery. The government must safeguard against any actions that may send mixed and confusing signals as it relates to its commitment to the task, resisting any temptation to be swayed by political considerations.
The government’s move to implement a second debt exchange is rather bold, which must be supported by the requisite discipline and commitment to its growth strategy so as to safeguard against a squandering of the sacrifice asked of local investors, particularly pensioners, who are asked to accept reduced interest earnings on their investments.
CAPI is however, disheartened by the absence of a symbolic demonstration by the government in announcing a salary cut and a reduction of its Cabinet. This, though symbolic, would have gone a far way in engendering goodwill and cooperation from public sector workers and other stakeholders who are asked again to make another sacrifice within the last three (3) years.
The civil lobby group implores the government to include in its growth strategy the urgency of now in addressing the country’s energy crisis as a sole IMF deal will prove ineffective in putting the country on a sustainable growth path. The administration must direct the same energy in reducing the cost of energy it expends in securing an IMF agreement, CAPI asserts.
Notwithstanding, the absence of specific timelines in meeting the stated prior actions, namely, the reduction of the public sector wage bill, liability management (JDX2), and significant tax reforms as it relates to the elimination of discretionary waivers, CAPI detects a sense of realization on the government’s part that it cannot be business as usual as the government prepares the country for the inevitable harsh but necessary measures in reducing the debt to GDP ratio from 140% to 95%.
According to co-convenor, former Jamaica Labour Party senator, Dennis Meadows, it is important that the government ensure a timely update from here on so as to make stakeholders aware of the progress of the structural reforms and to maintain the public’s buy-in on the journey of economic recovery. The government must safeguard against any actions that may send mixed and confusing signals as it relates to its commitment to the task, resisting any temptation to be swayed by political considerations.
The government’s move to implement a second debt exchange is rather bold, which must be supported by the requisite discipline and commitment to its growth strategy so as to safeguard against a squandering of the sacrifice asked of local investors, particularly pensioners, who are asked to accept reduced interest earnings on their investments.
CAPI is however, disheartened by the absence of a symbolic demonstration by the government in announcing a salary cut and a reduction of its Cabinet. This, though symbolic, would have gone a far way in engendering goodwill and cooperation from public sector workers and other stakeholders who are asked again to make another sacrifice within the last three (3) years.
The civil lobby group implores the government to include in its growth strategy the urgency of now in addressing the country’s energy crisis as a sole IMF deal will prove ineffective in putting the country on a sustainable growth path. The administration must direct the same energy in reducing the cost of energy it expends in securing an IMF agreement, CAPI asserts.
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