AUDIO: Phillips dismisses Shaw’s IMF claims

Livern Barrett, Gleaner Writer

The Finance Minister Dr Peter Phillips has dismissed claims by the Opposition Spokesman on Finance Audley Shaw about the deal being pursued by Jamaica with the International Monetary Fund (IMF).

On Tuesday, Shaw said the Parliamentary Opposition had received credible information that only US$400 million will be available to the Government under the new deal.

The US$400 million was the remaining portion of the US$1.2-billion agreement Shaw’s administration signed with the IMF in 2010.

But speaking this afternoon at the weekly meeting of the Rotary Club of Kingston, Phillips sought to dismiss Shaw's assertion, saying the deal being pursued with the IMF is different from the one signed with the last administration.

Giving an update on the negotiations with the IMF, he said the discussions are now centred around the contents of the draft letter of intent.

One of the critical planks to a new agreement is tax reform and Dr Phillips says the Cabinet has now signed off on the White Paper on tax reform.

The paper is to be debated in Parliament next Tuesday.

Pension reform is another issue critical to the new IMF deal and the Finance Minister says the White Paper on pension reform is to be tabled in Parliament before the end of the year.