Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
    • Business Bites
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
Business
PAUL ALLEN Business reporter allenp@jamaicaobserver.com  
January 24, 2012

Phillips backs private-sector growth

Jamaica is at a crossroads as a nation, said Dr. Peter Phillips, minister of Finance, Planning and the Public Service.

The goal of the new administration is to “accelerate private-sector-led growth through increased investment and efficiency gains,” said the minister, addressing dozens at the Private Sector Organisation of Jamaica’s Club Forum yesterday.

Several challenges that have to be addressed to achieve growth that creates jobs, and reduces poverty, he said. Among the things that constrain growth are the national debt, inadequate controls of public expenditure, low workforce productivity, the high cost of the public sector and the lack of a business-friendly environment.

Any steps that are taken in the medium term “must involve comprehensive tax reforms, the reform of the public sector pension system, public sector transformation and a moderation of the growth in public sector costs which is allied to economic growth,” he said.

The handling of these issues will be critical to “improving public finances over the medium term if the economy is to have a chance for faster growth”.

Additionally, greater fiscal responsibility, through sustained efforts to reduce the fiscal deficit and national debt, will play a significant role in the nation’s growth.

Phillips noted that the business community has been critical of the current waiver system, arguing that it needs to operate on a ” more level playing field”.

“There is a certain urgency that we must recognise, but at the same time we must proceed with the confidence that with crisis comes opportunity, and that if we can build a working partnership we can make the difference to Jamaica’s future,” he said.

When asked about the state of the nation’s tax-reform policy, Phillips said it’s acknowledged that the tax base is too narrow and that processes associated with taxation are too cumbersome, problems that must be corrected.

“I am committed to tax reform and I believe that all of us have a stake in achieving the stability that will come with a more equitable tax system, one which expands the base more so than increasing the tax burden on any one group.”

The minister said tough decisions would have to be made but added that it should not be a deterrent from making them.

“Macro-economic stability has to be maintained and must include low interest rates and there will be no policy of high interest rates,” he said.

Despite the high levels of competition between banks, “borrowers are not yet receiving the full benefits”.

He charged the banks to “assist further by taking active steps to contain their costs, increase their efficiencies and so reduce their spreads.”

With regards to the nation’s deal with the International Monetary Fund (IMF), the newly sworn in minister said the government wants to enter a “new agreement in the shortest possible timeframe.”

Preliminary talks with the IMF wrapped up yesterday, just hours after Phillips addressed the forum.

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Trinidad and Tobago freezes assets linked to Middle East terrorist groups
Latest News, Regional
Trinidad and Tobago freezes assets linked to Middle East terrorist groups
April 14, 2026
PORT OF SPAIN, Trinidad (CMC)–The Concerned Muslims of Trinidad and Tobago has criticised the decision of Kamla Perrsad-Bissessar government to offici...
{"jamaica-observer":"Jamaica Observer"}
Burchell says St James Southern neglected in post-hurricane recovery efforts
Latest News, News
Burchell says St James Southern neglected in post-hurricane recovery efforts
April 14, 2026
KINGSTON, Jamaica — Member of Parliament for St James Southern, Nekeisha Burchell, has criticised the pace and fairness of hurricane recovery efforts,...
{"jamaica-observer":"Jamaica Observer"}
Peter Champagnie retained by Jahvy Ambassador after Big Wall shooting incident
Latest News, News
Peter Champagnie retained by Jahvy Ambassador after Big Wall shooting incident
CLAUDE MILLS, Observer Online writer 
April 14, 2026
King’s Counsel Peter Champagnie has confirmed that he has been retained as legal counsel for popular producer and manager Jahvel “Jahvy Ambassador” Mo...
{"jamaica-observer":"Jamaica Observer"}
Lisa Hanna unveils premium skincare line
Latest News, News
Lisa Hanna unveils premium skincare line
April 14, 2026
Former Miss World and politician Lisa Hanna has launched a luxury skincare brand aimed at redefining how people approach ageing. Dubbed Lisa Hanna Bea...
{"jamaica-observer":"Jamaica Observer"}
Singer Ernie Smith hospitalised in critical condition
Entertainment, Latest News, News
Singer Ernie Smith hospitalised in critical condition
April 14, 2026
Singer-songwriter Ernie Smith is in critical condition in a Florida hospital, his wife Claudette Bailey Smith tells Observer Online . She said he was ...
{"jamaica-observer":"Jamaica Observer"}
US Treasury chief says IMF, World Bank on right track after criticism
International News, Latest News
US Treasury chief says IMF, World Bank on right track after criticism
April 14, 2026
WASHINGTON, United States (AFP) — United States (US) Treasury Secretary Scott Bessent said Tuesday that the International Monetary Fund (IMF) and Worl...
{"jamaica-observer":"Jamaica Observer"}
Harvey Weinstein’s rape retrial begins in New York
International News, Latest News
Harvey Weinstein’s rape retrial begins in New York
April 14, 2026
NEW YORK, United States (AFP) — The retrial of disgraced movie mogul Harvey Weinstein on a rape charge on which a jury was previously deadlocked start...
{"jamaica-observer":"Jamaica Observer"}
Five police officers detained as probe continues into deadly stampede in Haiti
Latest News, Regional
Five police officers detained as probe continues into deadly stampede in Haiti
April 14, 2026
PORT AU PRINCE, Haiti (CMC) — Haiti on Tuesday began three days of mourning following the weekend stampede at the historic Citadelle Laferrière that l...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct