News
Challenging year 2012: A year in review in the Caribbean Community
Politics aside, the Caribbean Community continued to feel the impact of the ongoing global and economic crisis in 2012.
Jamaica had hoped to sign a new Stand By Agreement with the International Monetary Fund (IMF) by year end with the government insisting that it is committed to completing the accord that will be “in the best interest of the country”.
Prime Minister Portia Simpson-Miller said the government’s draft Letter of Intent would embody its commitments under a new agreement with the Washington-based financial institution.
“The timetable is, therefore, not ours alone to set. The process is a very difficult and complex one. The negotiation requires us to do the best we can to ensure that we get an agreement that is in the best interest of Jamaica”.
“An agreement is very important for addressing the critical economic and social problems that the country now faces,” she said, adding “the agreement must ensure that we not only carry out strategic reforms, but also lay the foundation for sustainable growth.”
An IMF delegation visited the island in late September for talks with government on the new accord but Finance Minister Dr. Peter Phillips later indicated that an agreement is yet to be reached. But the main opposition Jamaica Labor Party (JLP) has already called on the government to lay on the table all the details regarding the discussions to the public so confidence can be increased.
Phillips said the IMF mission has broadly accepted the medium term program which will underpin any deal.
The trade union movement has also called for full disclosure from the government on the fate of public sector workers under the proposed IMF deal.
