Jamaica, IDB Talk Benchmarks

By: - October 29th, 2011

Above: Finance Minister Audley Shaw (JIS Photo)

Jamaica and the Inter-American Development Bank have discussed structural benchmarks identified by the country’s government to strengthen the economy and increase competitiveness.

These areas include tax, pension and public sector wage reforms, according to Finance Minister Audley Shaw, who said it was his government’s prerogative to ensure a stable macroeconomic framework in which private sector initiatives could flourish.

Shaw recalled one of his first acts as Finance Minister, which was a trip to Washington to meet with the IMF and the IDB.

At the time, Shaw said that the idea was that once Jamaica was prepared to stick to fiscal prudence and fiscal discipline, it would get access to multilateral funding.

According to the Minister, the economy grew by 1.4 percent in the first quarter, and 2.1 percent in the second quarter of 2011.

“The only way to reduce debt, as a percentage of GDP, is to earn our way to reducing that debt,” he said. “My challenge and my mission is to ensure macroeconomic stability. We want to keep the stability going. But ultimately, the long-term basis of stability is runaway investment, job creation and growth.”

–Jamaica Information Service

Jamaica

United Nations' Fernandez "Concerned" over Arrest of Haitian Lawmaker

Above: MINUSTAH Chief Mariano Fernandez (UN Photo) By the Caribbean Journal staff The top United Nations envoy to Haiti said he was concerned over the political tension arising from the arrest of Haitian Member of Parliament Arnel Belizaire. Belizaire was reportedly arrested after police spotted his name on a list of prison inmates who escaped […]

Jamaica

Chef Nigel Spence on Jerk, Caribbean Cuisine and Beating Bobby Flay

Born in Jamaica, New York-based Chef Nigel Spence has in a short time become one of the leading Caribbean chefs in the United States. From defeating celebrity chef Bobby Flay on the latter’s show, “Throwdown,” to helming a successful restaurant, “Ripe Kitchen and Bar,” which he opened in 2003 in Mount Vernon, New York, Spence […]

Jamaica

US, OECS Establish Diplomatic Ties

Above: Charlestown, Nevis (CJ Photo) By the Caribbean Journal staff The United States and the Organisation of Eastern Caribbean States have formally established diplomatic relations. OECS Director General Dr Len Ishmael called it “the beginning of a new chapter in the long and enduring relationship between the United States and its friends in the Eastern […]

Barbados, Costa Rica Talk Cooperation

 Barbados and Costa Rica are continuing to look toward expanding ties, from economic to environmental, and both countries are determined to build stronger relationships on those fronts, according to Barbados Industry Minister Denis Kellman. “We are also hoping to create synergies with tourism, industry and other services,” said Kellman, who was speaking at a networking […]

Jamaica Eyes Seaport Upgrade

 By the Caribbean Journal staff Jamaica is prioritizing the expansion of its seaports, according to Works Minister Mike Henry. The country is aiming to capitalize on the country’s location in relation to other countries in the hemisphere, especially given the ongoing expansion of the Panama Canal. “The Ministry is positioning Jamaica as a hub for […]

Germany Gives Grenada Climate Grant

Barbados and Costa Rica are continuing to look toward expanding ties, from economic to environmental, and both countries are determined to build stronger relationships on those fronts, according to Barbados Industry Minister Denis Kellman. “We are also hoping to create synergies with tourism, industry and other services,” said Kellman, who was speaking at a networking […]

Guyana Chamber of Commerce President Komal Ramnauth Talks Business

 Above: the Takutu river bridge linking Guyana and Brazil (Photo: GINA) By Alexander Britell Guyana, which is one of three non-island members of CARICOM, has seen strong economic growth of late as it works to pull out from the downturn. In fact, the country was estimated to have a growth of 4.6 percent in 2011, […]