KINGSTON, Jamaica, CMC – The main opposition People’s National Party (PNP) says if it is elected to office on December 29, one of its priorities will be to re-negotiate a multi-billion dollar standby agreement (SBA) with the International Monetary Fund (IMF).
PNP leader Portia Simpson Miller unveiled the party’s manifesto ahead of the polls in which the opposition grouping said that with the state of SBA still unknown, the PNP, it will negotiate a new IMF loan agreement to be in place only for as long as necessary and on terms that will lead to the development of Jamaicans.
The IMF announced last year it had reached agreement with Jamaica for US$1.27 billion Stand-By Arrangement.
Under the deal, a US$640 million disbursement was made immediately to assist the country with economic reform and to help it cope with the consequences of the global downturn.
“The key objectives of the (27-month) arrangement are to support the Jamaican authorities’ ample reform programme to address deep-seated structural weaknesses in the country’s economy, increase its growth potential, and make it less vulnerable to external shocks,” the IMF said in a statement.
It said the new programme focuses on a three-pronged strategy:
1) an ambitious plan that puts public finances on a sustainable path that includes much-needed public sector reform;
2) a debt strategy to lower exceptionally high interest costs and help address the problem of the debt overhang, and raise the productivity of public spending;
3) financial sector regulatory reform to reduce systemic risks.
The IMF acknowledged that the Jamaican authorities were already implementing many of these actions, which are expected to improve the public sector fiscal balance by over five per cent of GDP in financial year 2010.
The IMF issue is among 18 promises outlined in the 63-page manifesto that the party said would lead to “full people empowerment”.
The Opposition Leader said the manifesto is a contract between the party and Jamaicans, and that the party would not put out a manifesto with empty promises. She said the party when in office would be seeking to restore the economy.
The PNP said it will also be focusing on two areas in particular, Information communication technology (ICT) and energy reform. As part of its energy strategy the party said a PNP government would remove the GCT on electricity, renegotiate the licence currently held by the Jamaica Public Service Company Limited and diversify the country’s fuel sources.
The PNP said if it forms the government, it will lead in the fight against corruption by ensuring proper Parliamentary oversight and engagement of community groups in the formulation, implementation and monitoring of programmes which directly affect them.
It has also pledged to deal with crime by institutional improvements through the creation of a Police Management Authority, the tackling of organised crime and engendering of trust among the populace.
The party has also outlined plans for improvements in the areas of justice, health, education and for strengthening the social safety net. It also plans to establish a National Council of Justice to formulate the proper administration of Justice and to protect and promote respect for fundamental human rights.
The ruling Jamaica Labour Party is expected to release its manifesto within the coming days.
CMC/ad/ir/2011
