Holness says Gov’t must inspire confidence

The Opposition Leader Andrew Holness says the government must inspire confidence that it will carry out the reforms necessary to support the National Debt Exchange programme.

Holness says this action is necessary to boost investor confidence.

The debt exchange programme was announced last night in a national address by the Prime Minister and the Finance Minister.

It is seeking to cut the interest payments on local government debt.

According to Holness in the short term a debt exchange has the positive potential to give the government fiscal space by relieving burdensome interest payments.

However, he says much depends on the successful implementation of complementary actions in wage management, tax reform, and growth inducement.

“We not been given any information or clear plans that would give the country assurances around these areas,” the Opposition said.

“The government has waited too long in implementing critical reforms. In the vacuum of inaction Jamaica’s economic fundamentals have worsened, which has added risks to the implementation of another debt exchange.”

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