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Hyman says Jamaicans should not celebrate IMF agreement yet

Published: Friday February 15, 2013 | 12:46 pm with audio | Comments 0
Financial Analyst Ralston Hyman - file photo.
Financial Analyst Ralston Hyman - file photo.

Financial Analyst Ralston Hyman is cautioning Jamaicans against celebrating the signing of a staff level agreement with the IMF.

He has described the release of the information by the government as a good public relations move.

However, he notes that the signing of a staff level agreement does not mean that money will be disbursed immediately.

He says he fears that the agreement will eventually break down.

In the meantime, social and political commentator Kevin O’ Brien Chang says it appears Jamaica has gotten the best deal possible at this point.



Chang says the preliminary approval by the IMF shows that the Fund is in agreement with the Government’s tax package and debt exchange programme.

Noting that harsh times will be coming for the country, he says it is now up to the Government to make the right decisions to move the country forward.

According to him, based on the preliminary deal it is likely that when the final agreement is inked the government will have to downsize the public sector, reduce spending in critical areas, impose additional taxes and widen the tax net.

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Financial Analysts, Ralston Hyman.
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