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JAMAICA | Prime Minister Commends Jamaica Stock Exchange

Featured Prime Minister Andrew Holness, emphasises a point during his address at the Jamaica Stock Exchange (JSE) just-concluded 14th Regional Investments and Capital Markets Conference, held at The Jamaica Pegasus hotel in New Kingston. Prime Minister Andrew Holness, emphasises a point during his address at the Jamaica Stock Exchange (JSE) just-concluded 14th Regional Investments and Capital Markets Conference, held at The Jamaica Pegasus hotel in New Kingston.
KIONGSTON, Jamaica,Jan. 28, 2019 -  Prime Minister Andrew Holness, has lauded the Jamaica Stock Exchange (JSE) for being declared the Best Performing Stock Market globally in 2018 by Bloomberg Businessweek.
Speaking at the JSE’s just-concluded 14th Regional Investments and Capital Markets conference at The Jamaica Pegasus hotel in New Kingston, Mr. Holness said this performance “reflects the buoyancy and growing confidence in the Jamaican economy”.
 
The Jamaican Stock Market's performance was highlighted in a January 18 article, titled, ‘Welcome to Jamaica: Home of the World’s Best Performing Stock Market’.

Holness said the JSE “continues to send the signal that our investment community has the appetite, but, more importantly, it has the cash to invest”.

“I am particularly happy when Jamaica is recognised for its business enterprise. That kind of publicity is absolutely important in portraying our country as a place where serious business is taking place,” the Prime Minister said.

Mr. Holness pointed out that the JSE has similarly distinguished itself globally in the past, having done so in 2015 and in the early 1990s, and expressed the hope that this prominence will redound to Jamaica’s benefit in the future.

“Hopefully, we will see more delegations of investors coming to Jamaica to see what we are doing, and carrying the news even farther afield, so that more investments can come into our country,” he said.

The 14th JSE Regional Investments and Capital Markets Conference was held from January 22 to 24 under the theme, ‘Expanding Our Borders: Securing Our Future’.

In the meantime, the Economic Growth Council (EGC) is confident that Jamaica’s economy will continue to improve on conclusion of the Precautionary Stand-By Arrangement with the International Monetary Fund (IMF) later this year.

EGC Chairman, Michael Lee-Chin, said based on the notable gains that Jamaica has recorded since re-engaging the IMF six years ago, “there is no better point than now [to end the borrowing arrangement]”.

He noted that the sacrifices made by Jamaicans coupled with fiscal responsibility measures instituted, auger well for the country’s future economic stability.

 “We have put in oversight bodies on our own to make sure that we do not backslide. The fact that we have an Economic Growth Council (among others)… these are entities that should assure you that there is oversight… [so] we can now graduate from borrowing relations. Maintaining oversight by private sector entities, as far as we are concerned, is in our national interest,” Mr. Lee-Chin said.

Speaking at the EGC’s seventh quarterly briefing at Jamaica House on Wednesday  Mr. Lee-Chin pointed to the disciplined manner in which the Government is managing affairs in order to ensure that there is no reversal to a borrowing arrangement, once the current programme relationship ends..

For his part, EGC Chief Executive Officer, Senator Aubyn Hill, also contended that based on the positive developments, “I don’t think we are afraid anymore of not having the IMF.”

“We are serious about the fact that we are going to drive down that debt… we are committed to it. [The Administration of] Prime Minister, the Most Hon. Andrew Holness… is completely committed and unequivocal about it. We are going to fix this fiscal house and make it better,” Senator Hill said.

  • Countries: Jamaica

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