While all the pundits were lauding the recent IMF with Jamaica and will “rescue” the country, others with no real interest in our politics of economist was not thinking like our analyst at all.
I came across this article in the UK Guardain online edition and it really just points to the need for us Jamaica to read more and open our minds to other views as too much of what we get for analysis is Jamaica is clouded by politics.
The latest IMF loan does not ‘rescue’ Jamaica, whose debt must be written off if its people are to take control of their economy
Over 40 years, Jamaica has been “rescued” on countless occasions. In the 1980s, the island became almost a byword for “structural adjustment”. Jamaica is one of the most indebted countries, spends twice as much on debt repayments as it does on education and health combined, and looks set to miss several millennium development goals(pdf). After four decades of austerity, the country has a few lessons for the likes of Greece, Portugal and Ireland.
So once again I ask, what if the IMF prescription fails ?
What then….
We have made a choice to remain in a perpetual state of poverty and this will continue until we rid ourselves of the what passes for leadership in Jamaica.
A number of persons have been saying that Jamaica needs a Multilateral Debt Relief Initiative or the terms of the IMF agreement should be similar to the terms which Highly indebted poor countries receive. Countries like Guyana have received debt relief and Africa received debt relief from Brazil. Debt relief is not possible because the international investors have no confidence in Jamaica; countries which received this benefit got it, because their creditors realized that their economies were growing and no economy will be successful if debt is a stranglehold. The creditors want to benefit from the growth, the creditors want people to invest, therefore debt relief is possible
More on debt forgiveness.
http://www.jamaicaobserver.com/business/-Cancel-the-debt-_14574108