Jamaica. Lenten Diet: To the IMF Again

From the Economist Magazine.


ON THE eve of Lent Jamaica’s prime minister, Portia Simpson Miller, placed holders of the government’s local-currency bonds on an austerity diet, asking them to accept a lower interest rate. H  er finance minister followed up with unpopular emergency tax increases. In return, on February 15th the IMF announced a preliminary agreement to a $750m loan. The Lenten diet is set to continue: approval of the credit by the Fund’s board will require prior approval of more tax rises and a public-sector pay freeze.

Ms Simpson Miller has little choice. Jamaica suffers from low growth, declining productivity and a heavy debt burden (see chart). Its firms have lost…(Read more)


About RightFromYaad

A view from "the Right", as a source of ideas to create a new vision of freedom and what it promises for Jamaicans, to counter the tyranny of the status quo of Jamaica's reality since 1962. Website: RightFromYaad.wordpress.com Email: rightfromyaad@gmail.com Twitter : @rightfromyaad Facebook: https://www.facebook.com/pages/Right-From-Yaad/244886608978438?ref=ts&fref=ts
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