Phillips urges support for Economic Reform Programme
Finance Minister Dr Peter Phillips is again urging national support for the Economic Reform Programme (ERP) which aims to reduce the country’s debt and set a platform for growth.
While acknowledging that the ERP is a pre-requisite for the new extended fund facility (EFF) with the International Monetary Fund (IMF), Dr Phillips says it is also an opportunity to put the economy on a firm footing to achieve sustainable growth.
The ERP aims to reduce Jamaica’s debt from the current 145 per cent of gross domestic product to 96 per cent by 2020.
The IMF has already approved a four-year EFF for Jamaica in the amount of US$932.3 million.
Dr Phillips says there is a tendency to associate the ERP solely with the EFF, but sought to emphasise that these economic reforms were necessary because of the unsustainable level of public debt.
He was speaking at the Manchester Chamber of Commerce’s Biz Clinic 2013 Forum at the Mandeville Hotel on Thursday.
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