News
She’s back. Portia Simpson-Miller and the PNP score landslide win
Many expect the new government will be forced to implement unpopular austerity measures, including possible layoffs of state workers, in an effort to shore up the economy after it received a US$1.27 billion lifeline from the International Monetary Fund (IMF).
Simpson-Miller did not spell out any belt-tightening or other economic measures in a long and rambling victory speech outside her campaign headquarters in the capital, Kingston.
But she has vowed to appeal to the IMF to extend the period Jamaica has to repay any loans, to give the Caribbean island more leeway to jump-start the economy.
Holness took office in October after his predecessor surprisingly resigned.
Although one of the Caribbean’s more developed economies, Jamaica is saddled with a public debt load totaling more than 120 percent of gross domestic product.
That has proved a huge drag on the economy, which is dependent on tourism and has failed to grow over the past four years, sputtering since the JLP took power.
Unemployment has risen to 12.9 percent from 9.8 percent in 2007.
