Wed | Jun 20, 2018

LETTER OF THE DAY - IMF no panacea for Jamaica's economic woes

Published:Saturday | January 5, 2013 | 12:00 AM
Prime Minister P.J. Patterson and Finance Minister Dr Omar Davies bade the IMF goodbye in 1995. - File


IN 1995 Prime Minister P.J. Patterson unceremoniously waved "goodbye, ta ta, au revoir" to the board of the International Monetary Fund (IMF) as his administration ended the country's relationship with the fund.

Considerable difficulties

It seems as a cruel twist of fate that in 2012 the current PNP administration is having considerable difficulties with inking a new agreement with the lending agency. With all the hysteria and uncertainty,which now clouds the Jamaican economic landscape, sectors left right and centre are all begging to be returned to the arms of the fund so as to provide for some market stability.

Thisuncertainty is understandable; however, the painting of the IMF as a kind of divine panacea to our infliction is wholly incorrect and totally overestimated. It should be made plain to all that regardless of what happens henceforth, Jamaican problems must be solved by Jamaican solutions.

No external third party or institution can truly address our underlying ills, and it would be good for us to face the fact that the fund really has little interest in Jamaican affairs. So, we need to take hold of the economic rudder and seek to collectively navigate the boisterous seas.