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20-POINT PRESCRIPTION FOR GROWTH
Mr Speaker, the GDP of the United States at $16.3 trillion in 2014 was the highest
in the world because of the strength of its industries. Yet, even that country is still
mindful of the need to invest in education, technology and innovation and other
industries that invigorate economies or it will fall behind.
For our economy, we must:
1.
Reorder budgetary priorities to transform the educational system by:
-
Government taking over the early childhood education system from age
four (4)
-
Abolish the shift system in all public schools
-
Introduce an intensive programme of character education in all primary
and All-age schools
2.
Use only one measure to report the national debt, by reporting the total
stock of debt in all categories, similar to the IMF/EFF(Extended Fund
Facility). This will build confidence from greater transparency.
3.
Take steps to more aggressively access the US$1,020 billion pledged by the
World Bank and the IDB over the life of the EFF. At present, at the half way
mark of the EFF, only 44% of the World Bank resources have so far been
disbursed with project disbursement lower at only 31%, and major projects
at the IDB are slow in disbursement. For instance, of three projects in
water, taxation and energy that were signed by the JLP government with
the IDB in 2011, totalling US$218.0 million, only US$72.0 million or 33% of
this amount has so far been expended, while our country continues to
suffer from poor water supplies, inadequate tax reform and insufficient
energy diversification.