Jamaica’s decades of debt are damaging its future

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.

 

The IMF “rescue” is a rescue for Jamaica’s creditors. It spells more suffering for its people. As Europe enters a fourth year of debt and austerity, Jamaica enters a fourth decade. The island’s debt needs to be written off, to open up the possibility for a better future and allow the people to take control of their economy.

 

http://www.theguardian.com/global-development/poverty-matters/2013/apr/16/jamaica-decades-debt-damaging-future

EPOC, the Gleaner,  political analysts, the Prime Minister, the Minister of Finance, I am sure will all disagree with the above article, as the economy is poised to take off once again !