Stable economy JLP's top achievement — Holness

BY HG HELPS Editor-at-Large helpsh@jamaicaobserver.com

Sunday, September 05, 2010

STABILISING the economy is being seen as the single most important achievement of the Bruce Golding administration in its three years in power, a senior Government official has said.

Education Minister Andrew Holness said that the Jamaica Labour Party (JLP) Government had made positive strides in stabilising the economy and placing it along a path that will ultimately achieve consistent growth.

"The stability in the economy ... moving from a situation of high debt, to one of fiscal prudence and management is fundamental," Holness told the Observer Press Club at the newspaper's Beechwood Avenue offices last Friday, the third anniversary of the JLP's return to power after 18 years in Opposition.

"That's the launching pad for the economy. The JDX (Jamaica Debt for Exchange), bringing down the exchange rate, signing the IMF (International Monetary Fund) deal, passing the tests, and keeping on the economic track, are very important," he added, brimming with pride that the strategy of fiscal discipline employed by his administration was working.

Citing other positives, Holness said that the last three years, which he described as better than the first three years of the People's National Party administration that took office in 1989, had many other achievements.

"The changes that we are doing now in education, in terms of competence-based transition and focus on literacy are very important," he explained.

"I think that what Chris (Tufton) is doing in agriculture in returning the motivation, bringing in the technology and proper marketing is very important to that sector.

"In transportation, if we can get the road programme off, that would be another major achievement.

"Energy is another major one for us. If we can get the LNG project up and running, that would be a major achiever.

"The truth is... crime is down by 40 per cent, so the reduction in crime is very important too," Holness said.

Describing the Government as doing "fairly well" so far, Holness said that various factors had contributed to unexpected setbacks.

"The PNP, from 1989 to 1992, faced crises that were of their own making, like the rapid opening up of the economy which led to massive devaluations, explosion in the inflation rate, etc," said Holness.

"The crises that we faced were not of our own making in the economy per se. We inherited the country with a recession looming, high oil prices, high food prices, and collapse in the American real estate market," he said.

Despite the achievements listed, Holness admits that the matter involving United States law firm Manatt, Phelps & Phillips, which Prime Minister Bruce Golding said was hired by the JLP to look after the extradition matter involving former fugitive Christopher 'Dudus' Coke, dealt a severe blow to the Government's image.

"We have managed the economics very well, in spite of the difficult times. We never could have predicted this situation," Holness said. "All the good work that we have done in managing the economy, in energy, agriculture, tourism, education, all of that pales in comparison to the attention that is being given to the Manatt affair.

"I think that we have done better on the economic front. On the political front in terms of the Manatt affair, we are suffering for that," Holness said.

Did you watch American football's Super Bowl on Sunday?
	Yes, but just for the advertisements
	Yes, just for the game itself
	Yes, for both the game and advertisements
	No, I did not watch the Super Bowl.

View Results
Results published weekly in Sunday Finance

Username:
Password:

Stephen Marley wins Grammy

Stable economy JLP's top achievement — Holness