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Long and painstaking - PM on recovery of Jamaica's economy

Published:Thursday | October 23, 2014 | 10:16 PM
Prime Minister Portia Simpson Miller. - File

Prime Minister Portia Simpson Miller has re-iterated that the recovery of the Jamaican economy is a long and painstaking one.



Simpson Miller says the government’s macro-economic policies alone cannot achieve that recovery.



She was speaking earlier at a high-level conference hosted by the Ministry of Finance and the International Monetary Fund (IMF) under the theme: Unlocking Growth in the Caribbean.



The two day conference which is now underway, is being held at the Montego Bay Convention Centre in St James.



Simpson Miller says investment of private capital is needed to assist government policy in achieving the turnaround and adds that she was encouraged that her administration is making progress.



Noting that the high cost of energy continues to be a major challenge, the Prime Minister says government ministries, departments and agencies managed to reduce their electricity costs by five per cent in the last financial year.



This, she says, translates to import savings of approximately US$100 million per year.



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