IM Deal Oversight Committee

[Plush]

Based on the bag of crap that Portia said, wouldn't it make sense to hae an opposition member on the committee..if they are serious and all....Makes no sense for there to be a commiitte with representative from different sectors and u don't have a seat for the opposition spokesperson on Finance or someone similiar..I hope I see something from Saw or Holness on this.

'We're serious about this' - IMF programme oversight committee co-chair says team is committed to ensure success
Published: Thursday | May 2, 2013 3 Comments
PHILLIPSBYLES1 2 > Daraine Luton, Senior Staff Reporter

Richard Byles, the co-chair of the oversight committee which has been established to monitor the implementation of Jamaica's programme with the International Monetary Fund (IMF), says the team assembled is not for window dressing.

"I am a serious business person. I am not there to do anybody's bidding, and everybody that I have heard named to the committee, they are serious people too," Byles told The Gleaner yesterday.

Finance Minister Dr Peter Phillips yesterday made good on a promise by the Government to put in place the oversight committee to ensure the country is meeting its obligations under the four-year extended fund facility.

"We are convinced that this programme represents Jamaica's programme and can only go forward on the basis of full transparency," Phillips said in the House of Representatives as he closed the 2013-2014 Budget Debate.

Byles, president and CEO of Sagicor Life, will co-chair the committee with Bank of Jamaica Governor Brian Wynter. The other members of the committee are Financial Secretary Devon Rowe; head of the coordinating and implementation unit in the Ministry of Finance, Dr Carol Nelson, who is serving in an interim capacity; and private-sector representatives Keith Duncan, Bruce Bowen, Patrick Hylton and Chris Zacca.

Helene Davis-Whyte and Ralston Hyman will represent the trade unions on the committee, while Government Senator Norman Grant will take a place as head of the Jamaica Agricultural Society.

Phillips said the Micro, Small and Medium-Sized Enterprises Alliance will also have a representative on the committee.

DEEP INTEREST

Byles yesterday said the members of the committee are "Jamaicans with a deep interest in our success".

He further said the IMF agreement was a plan for Jamaica, arguing that the entire nation stands to reap the fruits of its success.

"We need to step off the sideline and right into the game fully to ensure success because the next time around, it is going to be 10 times harder," Byles said.

daraine.luton@gleanerjm.com

[Assasin]

the fact that we have to have a committee is a failure within our government.
Why do we have The Ministry of Finance, the BOJ and PSOJ?

While I hope this committee can get the work done, it is a passing the buck by politicians and not holding themselves responsible for actions they themselves should take.

[Karl]

the fact that we have to have a committee is a failure within our government.
Why do we have The Ministry of Finance, the BOJ and PSOJ?

While I hope this committee can get the work done, it is a passing the buck by politicians and not holding themselves responsible for actions they themselves should take.

Wah yuh she?
Dem nuh trus dem-self?

[Assasin]

No, usually they can make somebody else the enemy and the evil one, "it is not their decision"

[Karl]

No, usually they can make somebody else the enemy and the evil one, "it is not their decision"

Oversight, Sass!
...a looking over their shoulders!

The original decisions and final decisions still will be owned by the GOJ!!!!

[Plush]

I disagree Sass..A company is estrmely important for transparency and to make sure u have independent people looking over these politicians shoulders...Every walk of life you have it..Tell me which big company out there doesn't have a Board of directors who have independent members not aligned to the company. Look at even the US and many other governments across the world...they all have mcommittes sometimes with independent mambers or opposition..I think the commiiitee makes a lot of sense...They should not be making decisions but Phillips should be giving them updates and they should be reviewing plans, making pronouncements when they sense trouble, and holding Phillips accountable to the requirements of the IMF

[Lazie]

the fact that we have to have a committee is a failure within our government.
Why do we have The Ministry of Finance, the BOJ and PSOJ?

While I hope this committee can get the work done, it is a passing the buck by politicians and not holding themselves responsible for actions they themselves should take.

Well not really. Various stakeholders have been asking for such a comittee for a while. I guess going for a JDX 2 and requesting the public sector bodies to sign a wage restraint agreement the gov't got cornered into setting up this body.

[Assasin]

So isn't the the work of the BOJ, Minister of Finance and PIOJ? So we have oversight for the oversighters????

We paying a lot of money to them to be oversight, maybe we should get more competent people then.

[Plush]

No matter how competent the people are, an oversight committee is necessary....IS the Minister of Finance required to provide regular updates to the PIOJ or BOJ? I dodn't think though..Besides..THE BOJ and the Minister of Finance is most likely on the same accord..Don't the government hire the BOJ head?

The idea of the oversight committee is that it should be for the most part independent and the MOF should be providing them with regular updates to ensure that the MOF is not going offcourse

[Assasin]

Show me where in the US government you have an oversight committee for the treasury, and the major political decisions as this. The oversight commitees are in congress and the house made up of the politicians and various government reps.

It should be the other way around, they should be reporting to Phillips, If Phillips is giving them info don't you think they will be a decision making body?
Again we elect politician to do this kinda of work and they should employ competent people to do the job. I can understand you having committee to give suggestions and to lobby, but I don't see how a committee made up of private citizen should be the final word on elected government policy, it should be the other way around.

[Assasin]

they have been asking for it because of government failure and the lack of trust. At the end of the day government make decisions, that is what we elect them to do.

You think IMF really care about this committee? The fact is our government should know what it takes to pass IMF test and act accordingly. Was this committee a part of the IMF negociations?

[Assasin]

"MOF should be providing them with regular updates to ensure that the MOF is not going offcourse"

Shouldn't the MOF know when it is going offcourse??? That is why we hire them. Maybe we should use he committee and get rid of the MOF then.

[Plush]

Your missing the point Sass...I'm looking at it from a private committee and an Audit Standpoint. Committes are not setup t make decisions. Committe are setup to discuss key topics, initiative, decisions, metrics and the like. Some of them are there to advise yes but they are also there to call bullshit when they see it...Yes the minister prob will know if the ship is going offcourse but when you have committe there that is over his shoulders and will report his bad decisions to the public then the minister will more or less be better kept in check....THis is better than having a Finsac committee after the fact to figure out what went wrong...THe comittee should be able to recommend to Portia that Phillips decison is putting the country in trouble and it would be best if he is releived of his duties. They can advise Phillips but in no way should they be making decisons for phillips.

Unless you are saying that Phillips should be a superman that doesn't need advice or input from anyone.

And maybe you are not in the know but the US government has setup multiple committes before where the CEO's from different company participated. I know for sure that when I was at GE, the CEO participated in government led committes for strategies for the revivial of the economy.

[Plush]

Besides, lets be realistic, we both know that our politicians are a bunch of yes men who will only see things on party linees...JAmaica if no other place need this committee more than anything else....and dont forget we have an incompetent PM and it will prob take another 44 years before we get someone else....what should be done til then?...JA and it's politicians are not not not US and its President who faces chaleenges from his own party

[Assasin]

No what I am saying is committees can help to shape policies but they shouldn't be government oversight. For one that is too much power and info in the hands of private individuals who can use it for competitive advantage. We are assuming all these people have the nation interest at heart.

We employ the government to be the oversight and stewarts of the economy and the MOF, BOJ and PSOJ should be the major decision body. We need committees and think thanks and people involve but the government should be the ones making the decisions and taking the responsibility with the IMF, no third party here. Why do we hire economists and others at the MOJ and PSOJ? Those are the people who should be providing oversight, not private interest groups.