Britain Pledges Support To Jamaica Re IMF And World Bank PDF Print E-mail

Britain is to provide Jamaica with technical assistance to deal with international financial organisations on issues of financing and debt relief.

Jamaican Prime Minister, Hon Bruce Golding told British Prime Minister Hon. Gordon Brown that institutions like the International Monetary Fund and the World Bank need to reform their approach to middle income countries like Jamaica when dealing with debt relief and debt servicing. “What is needed is an overall policy direction on the treatment of debt for middle income countries,” he said. 

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P.M. Golding, Mrs. Golding, Min. Mike Henry, H.R.H. Queen Elizabeth
Mr Golding made the point during a meeting with Mr Brown at the British PM’s official residence in London, earlier this week. The two Prime Ministers spoke about a range of issues including areas of cooperation between Jamaica and the United Kingdom.  

In presenting Jamaica’s situation, Prime Minister Golding noted that heavily indebted middle income countries like Jamaica spend up to 127 per cent of GDP on debt servicing. He said Jamaica was $US14 billion in debt, which impacts on critical expenditure for development programs and noted that 50 cents of every dollar earned in Jamaica’s goes towards debt servicing. 

Mr. Golding emphasised the fact that Jamaica was not seeking debt relief, but rather access to cheaper financing, and mentioned efforts being undertaken to address Jamaica’s economic problems, including major tax reforms and improved revenue collection.  He told the British PM that the success Jamaica had achieved in reducing poverty to 13 per cent was being threatened by the rapid rises in energy and commodity prices worldwide. 

He said that while his administration had previously addressed the challenge by offering subsidies across the board, the approach would now be to target the most needy,  through social support services. Mr Brown agreed with Mr Golding’s position on the IMF and the World Bank and pledged his support towards reforms.   



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