April 25, 2010
By MARC LACEY
MEXICO CITY — Christopher Coke’s nicknames are numerous: General, President, Shortman, Dudus. But the one that American law enforcement officials say sums up his illicit activities best of all is simply Mr. Coke.
Mr. Coke, 41, is accused of running a major cocaine and marijuana trafficking operation from one of the most rugged neighborhoods in Kingston, Jamaica, according to American law enforcement officials and a federal indictment unsealed last year. Proceeds from drug sales in New York and other major American cities have been used to funnel guns and cash from the United States back to a wharf that Mr. Coke controls adjacent to Tivoli Gardens, his stronghold on the west side of the Jamaican capital, the authorities say.
No run-of-the-mill wanted man, Mr. Coke is also a powerful player in Jamaican politics, so much so that the State Department’s attempt to extradite him has rattled relations between the United States and Jamaica. Mr. Coke is so influential that intermediaries managed to seek a resolution of his legal predicament directly with top aides to President Obama.
Jamaica has extradited many criminal suspects to the United States, 15 of them last year alone. But the United States’ effort to extradite Mr. Coke in August created a dilemma for the governing Jamaica Labour Party and particularly the prime minister, Bruce Golding, who represents Tivoli Gardens in Parliament.
Both of Jamaica’s political parties have fostered ties with neighborhood gangs, who turn out the vote in exchange for political favors. Mr. Coke and his Shower Posse are linked with the Labour Party, according to American and Jamaican officials. The State Department has suggested that it is Mr. Coke’s influence with top ruling party politicians that is impeding his extradition.
“Jamaica’s delay in processing the U.S. extradition request for a major suspected drug and firearms trafficker with reported ties to the ruling party highlights the potential depth of corruption in the government,” said a State Department counternarcotics report released in March.
The Jamaican government is battling back. Mr. Golding has called the American extradition request flawed because the wiretapping of Mr. Coke by the Jamaican authorities that was the basis for the indictment was passed from a Jamaican police constable to the American government without proper approval. The Jamaican government has demanded that the Americans name the officer so they can charge him.
Mr. Coke’s lawyer, Tom Tavares-Finson, who is also a senator representing the governing party, is dismissive of the case against Mr. Coke, whom he describes as a father, legitimate businessman and community leader, not a hardened gang leader.
“I could not extradite a dog from the United States on this evidence,” Mr. Tavares-Finson said. “All his business enterprises are subject to the scrutiny of the Jamaican government. This is not some banana republic beyond the woebegone.”
As for whether Mr. Coke has run afoul of the law in the past, Mr. Tavares-Finson said that, at most, he might have been arrested for smoking marijuana as a child. “I have represented him for many years, and I have no knowledge of him having any criminal convictions in Jamaica,” he said.
Anxious to show that the government is not shielding fugitives, Mr. Golding has criticized the United States as not doing enough to quell the illegal trade in firearms into Jamaica. He has also proposed initiatives to control gangs and reduce crime. Last year, Jamaica had its bloodiest year on record, with 1,672 murders.
Mr. Coke’s legal fix harkens back to a similar case involving his father, Lester Coke. Known as Jim Brown, he was a leader of the Shower Posse, which was blamed in the 1980s for trafficking in drugs and killing those who got in its way. The United States had sought to extradite Lester Coke to face narcotics and murder charges, but he died in a mysterious fire in his prison cell in 1992 before he was flown away.
Marching at Lester Coke’s funeral was none other than Edward Seaga, the longtime Jamaican prime minister who was head of the Jamaica Labour Party, which was in the opposition at the time. The son has shown that his political might is just as strong.
Last fall, a politically influential Jamaican lawyer, Harold Brady, hired on behalf of the Jamaican government the American law firm of Manatt, Phelps & Phillips to discuss “political and economic matters” with members of the Obama administration, according to documents filed with the Justice Department. Meetings were held with top White House and State Department officials.
But after the controversy over the Coke extradition exploded, the Jamaican government said it had not been involved in the hiring of Manatt. The firm quickly canceled the contract. “The firm was never employed by or did work for Christopher Coke,” Monte M. Lemann, Manatt’s general counsel, said in a statement. Peter Phillips, a lawmaker for the opposition People’s National Party and the former national security minister, is pressing the government to clarify who exactly hired Manatt. “It seems at minimum that the government of Jamaica lent their name to an effort to represent the interests of an accused person,” Mr. Phillips said.
Earlier versions of this article reported that the Jamaican government said it had been involved in the hiring of an American law firm. The government actually said it had not been involved. Earlier versions also mistakenly referred to Peter Phillips as Mr. Peters.
Monday, April 26, 2010
Wednesday, March 17, 2010
A tribute to Rex Nettleford
by Chevon Stewart
Growing up as a Black female studying dance has been an interesting journey. From studying Classical Ballet, Jazz, Tap, and Modern dance at an early age I realized that because of certain prejudices of the Ballet world I was never going to be a Classical Ballerina if I wanted to stay in the dance world that I was going to have to be a modern dancer. Sadly this is a realization that many young black dancers come to. To this date there have only been several successful Black ballet dancers (mainly men) who have danced in world renowned Ballet companies, one of whom is Arthur Mitchell who founded the Dance Theater of Harlem in 1969. Where most Black people have left their mark as dancers and choreographers has been in the Modern dance world.
What is Modern Dance? Well, it is very hard to describe. The creation of modern dance came about when dancers in the late 1800’s no longer wanted to dance in the classical ballet form. In that sense it was revolutionary to western culture (although many indigenous cultures where dancing like this for thousands of years). Simply stated Modern dancers wore no shoes and performed and put their bodies in positions that were not characteristic of ballet. While dance historians write about the origins of modern dance being founded mainly by American whites and Europeans at the time, we now know that their where several very notable black choreographers and anthropologists who were also doing their own work at this time. Choreographers and anthropologists like Pearl Primus and Katherine Dunham traveled to places like Africa and the Caribbean in the early 1900’s to study dance and culture and bring back dances of those regions to share with the American culture. The foundation of their work has lead famous choreographers such as Alvin Ailey and Lester Horton to find dance companies of their own during the civil right’s movement.
While these pioneers in Black Dance past several years go, in the past year and a half, the world has lost several renowned modern dance artists and Choreographers some of whom are Merce Cunningham, Pina Bausch and Rex Nettleford. Merce Cunningham comes out of the American tradition of modern dance, Pina Bausch out of the German tradition and Rex Nettleford comes from the Jamaican tradition. I was very familiar with “Cunningham technique” from my training in college and even with the work of Pina Bausch who I’ve seen numerous times at the Brooklyn Academy of Music however, up until 2008 I had never seen or heard of Rex Nettleford. As a professional dancer born in America but having family roots in Jamaica, it was a major blow to my ego that I had no prior information on Rex Nettleford until I began my own personal studies of Jamaican dance and culture in late 2008.
The depth and complexity of Mr. Nettleford’s work is inspiring not just as a Choreographer but as a cultural ambassador for Jamaica. He was born on February 3, 1933 in Bunker Hill, Trelawny. At a very early age he found the importance of education and studied at Cornwall College were he discovered his talent in choreography. He continued studying History at the University of the West Indies and shortly afterwards was awarded a Rhodes Scholarship and studied Politics at Oxford University. Immediately after finishing his work at Oxford, he came back to Jamaica continuing his work in Academia while at the same time founding the National Dance Theater of Jamaica (NDTC) in 1962. This was the first dance company in Jamaica using Jamaican folklore traditions and music in a European Framework. In an effort to preserve Jamaica’s rich culture, he put onstage traditional ritual and religious dances like Kumina and Pocomania for people around the world to see. Mr. Nettleford has also contributed to Jamaican culture by writing several books on Caribbean and culture dance some of them are: Caribbean Culture Identity: The case of Jamaica, Mirror, Mirror: Identity, Race and Protest in Jamaica, Dance Jamaica: Renewal and continuity, The National Dance Theater of Jamaica. Because of all of his work Mr. Nettleford has also won many prestigious awards and has worked extensively with The University of the West Indies as the Deputy Vice chancellor.
Nettleford died from a heart attack on February 3, 2010 at the age of 77 in Washington D.C. while attending a conference for the University of West Indies. Author Albertina Jefferson states, “Nettleford's importance to the Caribbean derives from the fact that his master project in life has been the decolonization of the Caribbean spirit and imagination. His writings and lectures reflect a profound conviction in the creative power of the peoples of the region, a power struggling to unleash itself from the conjunction of historical and neo-colonial forces.” As young choreographer, I hope that I continue to make his vision grow by breaking new grounds in the modern dance world and sharing with people of Caribbean and non Caribbean descent the importance of our culture. Because the work of artist from the African Diasporas is not being taught in American education system, it is the responsibility of individual artists to keep this information alive and pass it down to future generations to come.
The National Dance Theater of Jamaica is performing this week at the Walt Whitman Theater on the Brooklyn College Campus March 6th and 7th for more information click on this link http://www.brooklyncenter.com/.
Growing up as a Black female studying dance has been an interesting journey. From studying Classical Ballet, Jazz, Tap, and Modern dance at an early age I realized that because of certain prejudices of the Ballet world I was never going to be a Classical Ballerina if I wanted to stay in the dance world that I was going to have to be a modern dancer. Sadly this is a realization that many young black dancers come to. To this date there have only been several successful Black ballet dancers (mainly men) who have danced in world renowned Ballet companies, one of whom is Arthur Mitchell who founded the Dance Theater of Harlem in 1969. Where most Black people have left their mark as dancers and choreographers has been in the Modern dance world.
What is Modern Dance? Well, it is very hard to describe. The creation of modern dance came about when dancers in the late 1800’s no longer wanted to dance in the classical ballet form. In that sense it was revolutionary to western culture (although many indigenous cultures where dancing like this for thousands of years). Simply stated Modern dancers wore no shoes and performed and put their bodies in positions that were not characteristic of ballet. While dance historians write about the origins of modern dance being founded mainly by American whites and Europeans at the time, we now know that their where several very notable black choreographers and anthropologists who were also doing their own work at this time. Choreographers and anthropologists like Pearl Primus and Katherine Dunham traveled to places like Africa and the Caribbean in the early 1900’s to study dance and culture and bring back dances of those regions to share with the American culture. The foundation of their work has lead famous choreographers such as Alvin Ailey and Lester Horton to find dance companies of their own during the civil right’s movement.
While these pioneers in Black Dance past several years go, in the past year and a half, the world has lost several renowned modern dance artists and Choreographers some of whom are Merce Cunningham, Pina Bausch and Rex Nettleford. Merce Cunningham comes out of the American tradition of modern dance, Pina Bausch out of the German tradition and Rex Nettleford comes from the Jamaican tradition. I was very familiar with “Cunningham technique” from my training in college and even with the work of Pina Bausch who I’ve seen numerous times at the Brooklyn Academy of Music however, up until 2008 I had never seen or heard of Rex Nettleford. As a professional dancer born in America but having family roots in Jamaica, it was a major blow to my ego that I had no prior information on Rex Nettleford until I began my own personal studies of Jamaican dance and culture in late 2008.
The depth and complexity of Mr. Nettleford’s work is inspiring not just as a Choreographer but as a cultural ambassador for Jamaica. He was born on February 3, 1933 in Bunker Hill, Trelawny. At a very early age he found the importance of education and studied at Cornwall College were he discovered his talent in choreography. He continued studying History at the University of the West Indies and shortly afterwards was awarded a Rhodes Scholarship and studied Politics at Oxford University. Immediately after finishing his work at Oxford, he came back to Jamaica continuing his work in Academia while at the same time founding the National Dance Theater of Jamaica (NDTC) in 1962. This was the first dance company in Jamaica using Jamaican folklore traditions and music in a European Framework. In an effort to preserve Jamaica’s rich culture, he put onstage traditional ritual and religious dances like Kumina and Pocomania for people around the world to see. Mr. Nettleford has also contributed to Jamaican culture by writing several books on Caribbean and culture dance some of them are: Caribbean Culture Identity: The case of Jamaica, Mirror, Mirror: Identity, Race and Protest in Jamaica, Dance Jamaica: Renewal and continuity, The National Dance Theater of Jamaica. Because of all of his work Mr. Nettleford has also won many prestigious awards and has worked extensively with The University of the West Indies as the Deputy Vice chancellor.
Nettleford died from a heart attack on February 3, 2010 at the age of 77 in Washington D.C. while attending a conference for the University of West Indies. Author Albertina Jefferson states, “Nettleford's importance to the Caribbean derives from the fact that his master project in life has been the decolonization of the Caribbean spirit and imagination. His writings and lectures reflect a profound conviction in the creative power of the peoples of the region, a power struggling to unleash itself from the conjunction of historical and neo-colonial forces.” As young choreographer, I hope that I continue to make his vision grow by breaking new grounds in the modern dance world and sharing with people of Caribbean and non Caribbean descent the importance of our culture. Because the work of artist from the African Diasporas is not being taught in American education system, it is the responsibility of individual artists to keep this information alive and pass it down to future generations to come.
The National Dance Theater of Jamaica is performing this week at the Walt Whitman Theater on the Brooklyn College Campus March 6th and 7th for more information click on this link http://www.brooklyncenter.com/.
Monday, February 22, 2010
Air Jamaica: How the divestment is being done
Excellent article in the Gleaner about the Air Jamaica divestment:
Air Jamaica: How the divestment is being done
Air Jamaica: How the divestment is being done
Thursday, February 11, 2010
Now that we have the IMF pact...
Source: Jamaica Observer
Wednesday, February 10, 2010
When it concluded an agreement with the International Monetary Fund (IMF) and a deal with holders of government debt, the Bruce Golding administration fundamentally changed Jamaica's economic policy of the last 25 years.
While not discounting the devastating impact of the global financial crisis on key sectors, such as bauxite and remittances, poor macroeconomic policy and equally poor economic management are largely responsible for our low growth and high government debt.
The antecedents of the economic crisis date back in some instances to the 1970s. Borrowing to finance growth, a failed policy, was started during the oil crisis of the 1970s, enlarged by Mr Edward Seaga in the 1980s and was a tenet of policy during the regime of Dr Omar Davies. It reached a point where it was not sustainable.
Not having a borrowing relationship with the IMF was held up as asserting sovereignty and demonstrating our capacity to manage our own affairs. Messrs Michael Manley, Seaga and PJ Patterson terminated the use of IMF loan facilities which involved measures which any prudent government should implement without being compelled.
The tectonic shift in economic policy has occurred under duress, but the fact that it took six months longer to conclude the negotiations with the IMF is a serious indication of the very weak technical capacity of the Government to formulate and execute economic policy.
With regard to economic management, it cannot be business as usual. The Government's economic management capacity must immediately be considerably upgraded.
A start has been made, but a great deal is left to be done. Where there was no capacity some has been installed, eg, the Ministry of Finance, and where there was high interest rate fundamentalism, pragmatic leadership has been imported, eg, the Bank of Jamaica.
The Planning Institute of Jamaica (PIOJ) needs a new head and this time round we must break with the pedestrian. The new director-general must be a high-calibre economist who must have the courage to say what needs to be said and not what the political leadership wants to hear. He/she must transform the PIOJ into the think tank that it has not been since the days of Mr Don Mills and Mr Gladstone Bonnick.
A financial controller needs to be appointed in the Ministry of Finance to ensure that the IMF targets are met, as well as the fiscal management which evaded Mr Don Wehby. This person must have the responsibility of co-ordinating the inflows from multilateral financial institutions, in particular, the World Bank, Inter-American Development Bank and the European Union.
A weekly status report must be provided to the finance minister and the prime minister. The person does not have to come from the public sector. Skilled people from the private sector should be considered. They must have the right attitude, maturity and leadership qualities. They must approach working in Government with recognition that while there is no embarrassment of riches, there are dedicated, hard-working, patriotic and competent civil servants.
New thinking is required if Jamaica is to emerge from the economic crisis, and we should not be afraid to look for fresh ideas from abroad. There are several world-renowned Jamaican economists living and working outside Jamaica. Ironically, their advice is sought all over the world except in Jamaica. But essentially, the Government should avail itself of the advice of any expertise regardless of nationality.
Wednesday, February 10, 2010
When it concluded an agreement with the International Monetary Fund (IMF) and a deal with holders of government debt, the Bruce Golding administration fundamentally changed Jamaica's economic policy of the last 25 years.
While not discounting the devastating impact of the global financial crisis on key sectors, such as bauxite and remittances, poor macroeconomic policy and equally poor economic management are largely responsible for our low growth and high government debt.
The antecedents of the economic crisis date back in some instances to the 1970s. Borrowing to finance growth, a failed policy, was started during the oil crisis of the 1970s, enlarged by Mr Edward Seaga in the 1980s and was a tenet of policy during the regime of Dr Omar Davies. It reached a point where it was not sustainable.
Not having a borrowing relationship with the IMF was held up as asserting sovereignty and demonstrating our capacity to manage our own affairs. Messrs Michael Manley, Seaga and PJ Patterson terminated the use of IMF loan facilities which involved measures which any prudent government should implement without being compelled.
The tectonic shift in economic policy has occurred under duress, but the fact that it took six months longer to conclude the negotiations with the IMF is a serious indication of the very weak technical capacity of the Government to formulate and execute economic policy.
With regard to economic management, it cannot be business as usual. The Government's economic management capacity must immediately be considerably upgraded.
A start has been made, but a great deal is left to be done. Where there was no capacity some has been installed, eg, the Ministry of Finance, and where there was high interest rate fundamentalism, pragmatic leadership has been imported, eg, the Bank of Jamaica.
The Planning Institute of Jamaica (PIOJ) needs a new head and this time round we must break with the pedestrian. The new director-general must be a high-calibre economist who must have the courage to say what needs to be said and not what the political leadership wants to hear. He/she must transform the PIOJ into the think tank that it has not been since the days of Mr Don Mills and Mr Gladstone Bonnick.
A financial controller needs to be appointed in the Ministry of Finance to ensure that the IMF targets are met, as well as the fiscal management which evaded Mr Don Wehby. This person must have the responsibility of co-ordinating the inflows from multilateral financial institutions, in particular, the World Bank, Inter-American Development Bank and the European Union.
A weekly status report must be provided to the finance minister and the prime minister. The person does not have to come from the public sector. Skilled people from the private sector should be considered. They must have the right attitude, maturity and leadership qualities. They must approach working in Government with recognition that while there is no embarrassment of riches, there are dedicated, hard-working, patriotic and competent civil servants.
New thinking is required if Jamaica is to emerge from the economic crisis, and we should not be afraid to look for fresh ideas from abroad. There are several world-renowned Jamaican economists living and working outside Jamaica. Ironically, their advice is sought all over the world except in Jamaica. But essentially, the Government should avail itself of the advice of any expertise regardless of nationality.
Monday, February 8, 2010
In uplifting Jamaica, we all play a role
It is often said, that to whom much is given, much is expected. As Jamaican professionals, we have the responsibility to utilize our knowledge, skills and talents to positively impact the political, economic and social conditions within our beloved Jamaica. Whether it is through supporting our family back in the homeland, collaborating on research initiatives that delve into important issues like sustainability and energy conservation, designing innovative business models and technologies to stimulate economic growth, or participating in charity events that provide funds for deserving and disadvantaged school children, we have a variety of tools in our arsenal to contribute to the uplift and development of Jamaica. This year, JAMPACT will focus on concrete ways for contributing to the social and economic development of Jamaica through an insightful discussion series.
This past January, JAMPACT, in partnership with the Consulate General of Jamaica, New York, launched a discussion series titled, “The Quest for Growth: Unlocking the Keys to Jamaica’s Economic Growth and Development.” Over the course of the upcoming year, through a series of discussions and public forums, we will conduct a comprehensive and critical review of the policies, investment opportunities, and business climate in Jamaica, while also discussing the challenges to sustainable economic growth. Ultimately, our goal is to stimulate discussion and initiate the sharing of potential pathways and strategies to Jamaica's economic progress. In the process, we hope to inspire and motivate all of us, as members of the Diaspora, to contribute to the development of Jamaica.
On Thursday, January 21st, we hosted the first installment of this series in a panel discussion titled, “The Business of Good Citizenship.” The spirited and engaging discussion covered the importance of good citizenship, as demonstrated through our involvement in not only the upcoming 2010 U.S. Census, but also mentorship programs that can enable us as young professionals to help guide and develop the next generation. Our panelists included Consul General, Geneive Brown Metzger, Irwine Clare, Senior Partnership Specialist and Team Leader for the 2010 U.S Census, and Donald P. Vernon, Esq., Managing Partner of Vernon and Associates, P.C.
Though many perceptive comments were shared, a few comments were especially noteworthy. The Consul General stressed the importance of fostering a respect for oneself and family, as well as a responsibility and commitment to the interests of Jamaica. Mr. Clare emphasized the importance of participating in local institutions, stating that without empowering communities here, our capacity to develop communities in our homeland is seriously diminished. Mr. Vernon emphasized the importance of addressing systemic and institutional structures—and most importantly, the possible problems within these structures—that may hamper development in Jamaica.
We look forward to hosting more panel discussions in the future, and we encourage you to join us! Please stay tuned for more information on our next general body meeting where we will host our next panel discussion.
Jamelia N. Morgan is a Board Member and Committee Chair for the Think Tank Committee of JAMPACT, Inc. She can be reached at thinktank@jampact.org.
This past January, JAMPACT, in partnership with the Consulate General of Jamaica, New York, launched a discussion series titled, “The Quest for Growth: Unlocking the Keys to Jamaica’s Economic Growth and Development.” Over the course of the upcoming year, through a series of discussions and public forums, we will conduct a comprehensive and critical review of the policies, investment opportunities, and business climate in Jamaica, while also discussing the challenges to sustainable economic growth. Ultimately, our goal is to stimulate discussion and initiate the sharing of potential pathways and strategies to Jamaica's economic progress. In the process, we hope to inspire and motivate all of us, as members of the Diaspora, to contribute to the development of Jamaica.
On Thursday, January 21st, we hosted the first installment of this series in a panel discussion titled, “The Business of Good Citizenship.” The spirited and engaging discussion covered the importance of good citizenship, as demonstrated through our involvement in not only the upcoming 2010 U.S. Census, but also mentorship programs that can enable us as young professionals to help guide and develop the next generation. Our panelists included Consul General, Geneive Brown Metzger, Irwine Clare, Senior Partnership Specialist and Team Leader for the 2010 U.S Census, and Donald P. Vernon, Esq., Managing Partner of Vernon and Associates, P.C.
Though many perceptive comments were shared, a few comments were especially noteworthy. The Consul General stressed the importance of fostering a respect for oneself and family, as well as a responsibility and commitment to the interests of Jamaica. Mr. Clare emphasized the importance of participating in local institutions, stating that without empowering communities here, our capacity to develop communities in our homeland is seriously diminished. Mr. Vernon emphasized the importance of addressing systemic and institutional structures—and most importantly, the possible problems within these structures—that may hamper development in Jamaica.
We look forward to hosting more panel discussions in the future, and we encourage you to join us! Please stay tuned for more information on our next general body meeting where we will host our next panel discussion.
Jamelia N. Morgan is a Board Member and Committee Chair for the Think Tank Committee of JAMPACT, Inc. She can be reached at thinktank@jampact.org.
Round Two: Recent developments of the Jamaica and IMF billion dollar loan agreement
Ayana Allen
31-Jan-10
Thirty-three years after first borrowing from the IMF; fourteen years after finally being able to terminate the borrowing agreement; and nine years after Stephanie Black’s American documentary “Life and Debt,” the Jamaican Government returns for a second shot at financial recovery though a $1.25 billion loan under a 27-month stand-by agreement with the IMF.
The IMF was expected to approve or reject the loan agreement the last week in January, but delayed the announcement until the government agreed on two loan preconditions. The first precondition requires
The Jamaican Debt Exchange, the second precondition, consists of government bondholders returning their high interest earning bonds for bonds with lower yields and longer maturities. The government is waiting for the last 9 percent of bondholders to get on board to reach 100 percent cooperation of the program—which is expected to save the government billions in interest payments.
In January members of the opposition party challenged the government’s thorough review of the loan agreement, leading many to believe officials were more focused on passing the letter on to the IMF for approval than carefully reviewing conditions of the agreement.
The government believes approval of the agreement will lead to an additional $1 billion in funding from other international financial institutions.
In a press release the IMF outlines its plan to increase public finance responsibility, reform public sector employment and strengthen the tax structure, at the cost of increasing taxes and cutting public sector salaries and other spending. The agreement will also allow the government to increase social safety net spending to protect
When the government first borrowed from the IMF (the lender of last resort) through a stand-by agreement in 1977 the organization required Jamaica to devalue its currency, remove tariff barriers to trade, and freeze wages. Such details may be visible in the fine print of the current loan agreement that Jamaicans at home and abroad are concerned about.
Update: On Thursday, February 04, 2010, the International Monetary Fund (IMF) approved
Ayana Allen is a senior journalism major at the
Saturday, February 6, 2010
IMF return no easy ride; Shaw says hard work and sacrifice ahead for Jamaicans
Source: Jamaica Gleaner News (February 6, 2010)
FINANCE MINISTER Audley Shaw says the country's return to the International Monetary Fund (IMF) will mean "hard work and sacrifice" by Jamaicans.
FINANCE MINISTER Audley Shaw says the country's return to the International Monetary Fund (IMF) will mean "hard work and sacrifice" by Jamaicans.
The multi-lateral lending agency on Thursday approved a 27-month stand-by arrangement, paving the way for the country to borrow up to US$1.27 billion to support its medium-term economic programme and cope with the consequences of the global downturn.
"The agreement marks the commencement of a challenging, but decisive journey towards good governance, solid economic development and the restoration of hope for all Jamaicans," Shaw said in a statement on Thursday.
Jamaica rushed to the IMF for balance-of-payment support after turbulent world economic conditions crippled several sectors, bringing economic activities to a crawl.
The approval of the stand-by arrangement is expected to generate about US$1.1 billion in funding from other international financial institutions.
A disbursement of US$640 million is now available to Jamaica. The IMF on Thursday said that part of this first disbursement would be used to establish a financial stability support fund aimed at supporting the country's financial sector.
Coerced into trading
Financial institutions were coerced into trading in high-yielding government bonds for longer-term and lower-interest papers under a debt-exchange programme as Government moved to tighten the fiscal accounts.
Government had also announced a $22 billion tax package in December to rake in revenue, bringing to $46 billion in new taxes announced this fiscal year.
The finance minister said the moves were necessary in order to set the stage for financial boom.
"All members and sectors will share in the tremendous sacrifice before us as together we lay down an economic framework conducive to investment, job creation, increased productivity and the generation of significant foreign- exchange earnings," Shaw said.
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