Senator wants buffer for external shocks

Published: Saturday | March 9, 2013 Comments 0
Tufton
Tufton

OPPOSITION SENATOR Dr Christopher Tufton has tabled a resolution in the Upper House calling for the Government to articulate a clear policy and strategy on how it plans to respond to external shocks within the context of an agreement with the International Monetary Fund (IMF).

Noting that Jamaica is prone to the negative impact of external shocks such as natural and man-made causes, Tufton argued that it was unlikely that Jamaica would meet debt reduction and deficit targets agreed with the IMF.

In giving notice of his motion on Friday, Tufton called for the Government to put in place and outline a strategy for annual budgetary allocation to deal with anticipated external shocks.

The board of the IMF is set to consider Jamaica's letter of intent later this month. A critical component is for a massive reduction of the country's $1.7-trillion debt, which represents 140 per cent of gross domestic product.


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