It would be nice, we believe, if the Government would lay out a clear and unequivocal path to sustainable economic growth, now that we have signed off on the International Monetary Fund (IMF) programme.

Bear in mind that the IMF programme is intended to achieve stabilisation of the economic fundamentals, which include a manageable fiscal deficit, reduced debt servicing, lower interest rates and a stable exchange rate.

All this is necessary but, we must insist, not sufficient because stabilisation is not an end in itself. The ultimate objective is economic development, of which economic growth is an indispensable component. To achieve this, economic policy must build on the platform of stabilisation by undertaking structural transformation, not merely adjustment.

Institutional reform and structural transformation, while being medium to long term, must start in the short term and must be synchronised with the stabilisation programme.

We wish to caution that execution of the short-term stabilisation measures — such as the curtailment of certain fiscal expenditure — must not be prejudicial to structural reform. For example, reduced spending on education could be detrimental to international competitiveness in the future and reduced resources in agricultural extension service could result in declines in domestic food production.

The formulation of a strategy of structural transformation and sustainable development requires planning of a kind far more rigorous than the hortatory Vision 2030. Planning is especially necessary in developing countries like Jamaica where the economy is private sector-led and market-driven. Such planning facilitates private enterprise — foreign and local — by creating an enabling environment, including adequate physical infrastructure and elimination of bureaucratic impediments. An efficient internationally competitive private sector is impossible without a competent public sector.

Indeed, Jamaica has never practised economic planning. The Planning Institute of Jamaica (PIOJ) itself testifies that none of the numerous economic plans over the last 50 years have been implemented for even one year. Indeed, some of the plans were merely public relations exercises or palliatives to international aid agencies.

We firmly maintain that the real issues are, first, do we know how we are going to accomplish our planned goals, and second, will we stick to the task of implementation? In our view, these are the problems that have derailed all previous plans.

The PIOJ has a critical role in overseeing the overall implementation of planning and it is correctly placed under the supervision of the ultimate political power — the prime minister. However, it has had an acting director general since Dr Wesley Hughes became financial secretary.

This is not propitious for accomplishing the unprecedented objective of plan implementation. It is time for a suitably qualified senior economist to be appointed to the post of DG. The person must be of the highest professional competence, have appropriate experience and proven leadership qualities.

Without determined political leadership and fearless technical leadership, the best laid plans will never be brought to fruition. In this challenging conjuncture there is an opportunity to abandon the past bankrupt economic policy and do the structural transformation necessary to propel the Jamaican economy on a trajectory of sustained economic development.

Carpe diem.