Sun | Feb 23, 2020

Tougher economic reform measures ahead, says finance minister

Published:Friday | August 15, 2014 | 5:44 PM
Dr Peter Phillips - File

Finance and Planning Minister, Dr Peter Phillips says the toughest aspects of the government's Economic Reform Programme are yet to come.

He says the programme has been highly successful thus far, resulting in the country passing four reviews under its Extended Fund Facility with the International Monetary Fund.

A team from the fund is now on the island conducting its fifth review under the programme.

And according to Phillips, having met all the quantitative targets and structural benchmarks for the review period, government is expected to pass this review as well.

However, he says going forward, the reform efforts will be more difficult to achieve.

He says the measures will require changes to the way government entities function.

Phillips says the country will not be attractive to investors if the services required to do business are not internationally competitive.

The Finance Minister says the reform measures, which will include changes to the Customs Department and the Tax Authority, are required if Jamaica is to compete in a modern world.

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