Feb 2012 Financial News

New IMF deal will inspire confidence in the business sector, says PM

Feb 22, 2012

MONTEGO BAY, St James - PRIME Minister Portia Simpson Miller says that one of the reasons behind her administration’s thrust to establish a medium-term macroeconomic programme with the International Monetary Fund (IMF) is to inspire confidence in the business sector.

“The new agreement with the Fund will provide a measure of confidence to businesses, while offering some hope to the people,” Simpson Miller told guests at the inaugural American Chamber of Commerce Speaker’s Forum Thursday at the Ritz-Carlton Golf Resort and Spa in St James.

Finance Minister Dr Peter Phillips on Thursday ended a four-day visit to Washington, DC, where he held talks with IMF officials, as well as representatives of the World Bank, the Inter-American Development Bank (IDB) and other lending agencies.

Accompanying Dr Phillips were Jamaica’s Ambassador to the United States Audrey Marks; Financial Secretary Wesley Hughes; Governor of the Bank of Jamaica Brian Wynter; and Planning Institute of Jamaica Executive Director Dr Gladstone Hutchinson.

Thursday, Simpson Miller underscored the importance of a renewed partnership between Government and the private sector to combat the “complex challenges all around” which has come about as a result of the global economic crisis.

“I believe, now more than ever, that the partnership which must exist between Government and the private sector is not just necessary, but must be placed on solid and lasting foundation,” she asserted, pointing out that such a partnership has to be firmly cemented in a foundation of confidence.

The prime minister also indicated Government’s willingness to join forces with AMCHAM in charting a course towards the “future economic prosperity of our nation”.

She also acknowledged the importance of “deepening the existing links with the United States as our major trading partner” .

“Your organisation (AMCHAM) is, therefore, not only well placed in this regard, but we will look to AMCHAM to assist in this process,” Simpson Miller remarked.


Source:
Horace HInes
Jamaica Observer
Wednesday February 22, 2012

http://www.jamaicaobserver.com/business/New-IMF-deal-will-inspire-confidence-in-the-business-sector--says-PM#ixzz1n7P47Raz