15 / 55
Page | 14
low interest rate money from the IDB and the World Bank. These institutions
were asking too many questions. The Jamaica Labour Party government re-
established ties with the multilaterals. The Jamaica Labour Party government
restored relationships with the multilaterals.
If there was loss of credibility in Washington, how come on Nov 17, 2011, one
month before the election, the Jamaica Labour Party government signed an
IDB loan for US$218 million with the IMF and with the World Bank
representatives present at the IDB Board meeting? Would this have been a
government that lost credibility in Washington? Minister, stop it. Be truthful.
When you unfairly malign the previous administration for political effect, you
are also maligning Jamaica’s international reputation.
Mr Speaker, as the Finance Minister tallied his administration’s achievements
at the opening of the Budget Debate, he thumped his chest about honouring
commitments to the workers who are under the wage restraint. He also
announced, to much applause from his colleagues, and I quote, “…the fiscal
discipline that we have imposed on ourselves will enable us to make the first
major repayment of $62B, as scheduled, on maturing bonds issued under the
National Debt Exchange, which comes due next February (2016).” Minister,
maybe you should read your own publication.
Fiscal Policy Paper dated 19
th
February 2015 shows that indeed $62 Billion of
debt comes due. In fact, it goes further to show that much more than the $62
Billion comes due during FY2015/16. That figure, Mr Speaker is $178.5795
Billion that comes due during FY2015/16 AND the Fiscal Policy Paper, put out
by your Ministry shows that, the Finance Minister MUST BORROW every dollar
of that in order to be able to repay that $62 billion he listed as an achievement
on page 9 of his speech. The facts don’t look so good now, do they Minister?
You can only paydown debt by borrowing to paydown debt. Unfortunately,
that is where the Jamaican economy still is despite the years of gut-wrenching
austerity measures cheered on by your government and the IMF.