Government urged to take "firm and bold action" to halt sliding dollar

Audley Shaw, Opposition Spokesman on Finance has urged the Government of Jamaica to take “firm and bold action” in slowing the slide in the exchange rate as a means of restoring confidence in the economy.

Shaw who is also a leadership aspirant for the opposition Jamaica Labour Party (JLP), declared on Tuesday that, with US$1 costing more than J$104, Prime Minister Portia Simpson-Miller, the Finance Minister and other senior officials need to meet immediately with members of the private sector and other stakeholder groups to calm escalating concerns that the economy is "going off the cliff."

He said there is need for open, immediate and urgent dialogue with the critical stakeholders in the foreign exchange market,  urgent review of counter productive tax measures can help to restore confidence.

Shaw, a former Finance Minister, also suggested a retooling programme for energy efficiency with low cost loans and grants and the fast-tracking of the programme of accessing low cost loans and grants from the International Development Bank (IDB), the World Bank and the European Union.


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