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Caribbean & Central America - February 2012 (ISSN 1741-4458)
JAMAICA: PNP struggles to find solutions
The most pressing task of Jamaica’s new People’s National Party (PNP) under Prime Minister Portia Simpson Miller, elected in late December, is to negotiate a new agreement with the International Monetary fund (IMF). The problem with the IMF was spelled out by Finance Minister Peter Phillips on 25 January when he said: “The IMF Programme, which expires in May 2012, has not been completed because various critical structural benchmarks and targets were delayed or missed. An entirely new programme now has to be negotiated and new targets set focusing on growing the economy. The failure to successfully complete the Stand-by Arrangement resulted in the non-disbursement of multilateral funding, including US$220m from the IDB. We expect that progress on the IMF negotiations will help unlock these funds.” Phillips has warned ominously about “a breakdown of trust between Jamaica and our international partners”.
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