It is no secret that Jamaica is passing through turbulent times. The delayed signing of the US$1.2 billion loan agreement with the International Monetary Fund is testimony to this. Various people have been pointing fingers as to the source of the problem and many have been painting a gloomy picture for the country. The truth is that I have never been one to subscribe to pessimism. I view myself as an unrepentant nationalist who loves this country and I have an abiding faith in our people to rebound and survive.

In September Prime Minister Bruce Golding outlined several major challenges facing Jamaica. Giving an update on the IMF negotiations to Parliament in October, he discussed some of the issues which the country has to confront. These are complex and have profound implications for the governance of the country. Hard and difficult choices have to be made in order to retrieve Jamaica from an economic collapse.

One of the major issues for the Golding administration to balance the budget and place the country on a sustained growth pattern. In order to do this, several prescriptions have been articulated. The most dominant suggestion is cutting the public service.

Outside of the national debt, salaries command the largest chunk of the national budget. According to Prime Minister Bruce Golding, some $159 billion is used to pay approximately 117,000 members of the public service. This is a sizeable portion of the government’s expenditure.

Rumours have it that the IMF is insisting that as a part of the condition to receiving the loan, the government must adjust its public sector wage bill. The Minister of Finance and the Public Service Audley Shaw has agreed that adjustments will be made to the public service, and again it is being rumoured that some 20,000 workers in the public sector will be sent home.

But is this the most practical or only option available to the government? Absolutely not! Other options can be examined and here is where I want to put some suggestions on the table. Some of these suggestions are bitter pills to swallow but will require sacrifices from all the stakeholders for the national good.

* There should be a negotiated 10 per cent reduction in all public sector salaries. This is in exchange for a stay of the cuts in the size of the public sector. The economy is likely to enter into a depressive mode if all these workers are sent home.

* An understanding should be created with the workers in the public sector that as soon as there is an improvement in the economic situation, an automatic adjustment will be made to their salaries.

* Public sector workers, who through their creativity, engage into cost-saving strategies at the workplace, should be rewarded for their efforts at the end of the calendar year. Some of the savings should be shared among the workers.

* Stronger regulations should be put in place to prevent workers from abusing time at the workplace. For example, workers should be punished for watching DVDs during their work time.

* There should be a negotiated approach with the private sector to cut the mark-up on their goods and services by at least 10 per cent for a one-year period.

* The local holders of government bonds and other financial instruments which contribute to the national debt should voluntarily agree to a 10 per cent reduction on their interest payments over two years. Of the $1.2 trillion debt, $700 billion is owed to local individuals who earn an annual 20 per cent interest. If these individuals should act in the national interest and forgo 10 per cent of that money, it would result in savings of $70 billion to the country over two years. This would give the government and the country sufficient oxygen to breathe for at least two years.

* It must be noted that the reduction in the interest payments must be a voluntary exercise. The government cannot lead this effort but an individual like Chris Zacca could initiate such discussions with members of the private sector.

* A portion of the savings should be used to establish a National Production Fund. We need a fund of no less than $10 billion available at single-digit interest rate for the productive sector. The aim is to stimulate production so that we can set the economy on a sustainable growth path.

These simple but complex suggestions can help to resolve the current dilemma. They have the potential of freeing up to $89 billion to the government over a two-year period.

For us to emerge from this stupor, it will require shared sacrifices. Countries such as South Korea, Barbados and the Dominican Republic have been in similar positions. However, all the stakeholders joined in the sacrifice and their countries are better off today. Jamaica is no exception to this possibility and we must come together to save the country.

But for us to move forward, there must be a change in the political discourse. There must be dialogue which will place all the stakeholders at the discussion table, and where the Opposition, private sector, public sector and trade unions agree to the strategies that will be pursued. No one wins if Jamaica loses.

Floyd Morris is a former senator and minister of state in the PNP government.

morrisfloyd@gmail.com