Success in Berlin, crisis in Kingston
Published: Wednesday | August 19, 2009
In the midst of Jamaica's Berlin euphoria headlined by Usain Bolt and Shelly-Ann Fraser, it has come to our attention that the Government is being coerced and threatened to stop the discussions on a new approach to the management of our debt portfolio which is necessary in developing a credible and workable programme to present to the IMF and the country to finally solve the historic problems in the Jamaican economy.
These major problems are:
The unsustainable national debt burden stated at J$1.25 trillion in May 2009, which uses some 57 per cent, or more than half of our total resources every month for debt-servicing payments.
The balance-of-payments crisis because we import and consume too many foreign goods and produce too few in Jamaica.
The growing fiscal or budgetary deficit, which means that we do not have the money to finance our expenses or balance our budget.
Despite all this, we now understand that a powerful minority in the private economic sector is opposed to the more enlightened majority who wish to support a new approach in managing our national debt and the economic crisis. In fact, some are even making pronouncements of massive public-sector job cuts of 15,000 to 20,0000 employees, despite the prime minister's rejection of this strategy.
Failure to deal successfully with our present crisis at this time in world economic history could consign Jamaica to a bleak future. Everyone must become involved in fighting to save our country and work for its development
I am, etc.,
Jamaicans United for