KINGSTON, September 24, 2018 - Prime Minister Andrew Holness in an effort to regain the trust of the island's private sector has told the business community that “The Government is your best partner.”
Prime Minister Andrew Holness told a press briefing at the conclusion of the Government of Jamaica/International Monetary Fund (IMF) end of review mission that the economic conditions are suitable for private sector interests to invest in the country’s economy.
“Now is the time to take advantage; interest rates are low; we are targeting inflation; we’re ensuring that the fiscal governance of public finance is such that you have certainty”, stated Prime Minister Holness.
The Prime Minister explained that while the country is seeing an emerging and enabling business environment, with interest rates at record low levels it begs the question as to why there isn’t more economic activity, more risk taking, more investment from the private sector.
“This not a blaming of the private sector, this is more an encouragement to the private sector that now is the time to get on board. Now is the time to make the investments. Clearly, there are many rigidities in the economy and we cannot ignore the psychology of the investment in Jamaica, the culture and the history that has created a business class, an entrepreneurial class, that for decades responded to the incentives that government policies gave”, stated Prime Minister Holness.
The Prime Minister added that the economic environment is changing.
“The incentive was to invest in Government debt; that has changed, and we want to ensure that our partners in the private sector understand that the signals that we are sending are quite different from what was sent a decade ago and that it requires no a different response”, concluded Prime Minister Holness.
The Government on Friday successfully completed the fourth review of its Stand-By Agreement with the IMF.
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