With Dr. Peter Phillips, Minister of Finance, set to announce this Thursday morning that Jamaica has passed the June 30 IMF test, the private sector is seeking answers from the government about its growth agenda.
Francis Kennedy, president of the Jamaica Chamber of Commerce (JCC), believes that aspects of the agenda need to be revealed urgently. Mr. Kennedy said this will help to prevent Jamaica's economy from suffering further decline.
“We’ve got to have answers as far as the growth agenda is concerned. We’ve passed the first IMF, but if we don’t start to put in place growth agenda, we are going to go into further recession,” said Mr. Kennedy.
He added that there are specific things to be undertaken immediately which have implications for future IMF tests.
“The government has got to get the two multi-lateral oganizations - the IDB and World Bank - moving or helping us with the growth agenda. These two multi-laterals have agreed to lend Jamaica concessionary funding rates to put in place development process for the growth agenda. If we don’t have that going, we are going to continue being in a recession and shortly we won’t be able to meet future IMF Tests,” he contended.
His comments follow news Wednesday that the Jamaican economy suffered a further decline during the April to June quarter.