JAMAICA-ECONOMY-Prime Minister urges sacrifices as Jamaica moves to sign IMF agreement

KINGSTON, Jamaica, CMC – The Jamaica government is urging nationals to accept the stringent measures that will accompany a multi-million dollar Stand By Agreement (SBA) with the International Monetary Fund (IMF) that would include increases taxes and the launch of a national debt exchange offer on Tuesday. In a joint address to the nation on Monday night, Prime Minister Portia Simpson Miller and her finance minister Dr. Peter Phillips defended the decision to enter into the agreement with the Washington based financial institution, telling citizens that the national debt now stands at 140 per cent of Gross Domestic Product (GDP). “As long as our debt as a percentage of our economy remains this high, our capacity for growth and development will be severely limited,” Prime Minister Simpson Miller said, noting that the negotiations have underscored the point that sustained growth will not materialize with Jamaica’s present level of debt.