Finance minister warns that Jamaica has to brace itself for more challenges

A tight budget, public sector reform and the implementation of major projects, are some of the challenges that Finance Minister Dr Peter Phillips says Jamaicans will be forced to deal with in the near future.  According to Phillips, with the fourth quarterly International Monetary Fund (IMF) test out of the way, the next phase which the country is about to enter is more difficult than the previous one.

Phillips said, “It is easy to not spend in real terms, it is much more painstaking to tackle the details of the subtle changes that have to be made in each area of public administration. It does not attract a grand headline, but it is absolutely important.”  On Friday it was announced that Jamaica passed its fourth quarterly IMF test under the current agreement for an Extended Fund Facility with the multi-lateral lending agency.

A recommendation will now go to the Executive Board of the IMF for approval for the disbursement of US$96 million to Jamaica.  The submission will be made next month.  Last week, Alejandro Warner, the IMF’s Western Hemisphere Director, commended the Government of Jamaica for maintaining political support and civility in the implementation of the Extended Fund Facility.  He  state that this was admirable, in light of the complexities of the program and the social challenges that the country faces.

Source: Caribbean360