WE did not need the International Monetary Fund (IMF) to tell us that Jamaica requires more economic growth and more jobs. The real question remains how to get economic growth at a higher rate on a sustainable basis that translates into jobs.

The belief that the Government of the People’s National Party (PNP) intends to have a general election much earlier than required by law is based on two main things: First, the political opportunism of taking advantage of the disunited, underfunded Jamaica Labour Party (JLP). Second, an admission that a modestly high rate of economic growth is not in the near future, hence it’s best to have the election now while oil prices are low and inflation is in single-digit.

We have, of course, lauded the Government for its political courage in sticking to the very tough IMF programme and Finance Minister Dr Peter Philips for the outstanding job he has done. However, it does not change the fact that additional policy measures need to be identified and implemented quickly.

At some stage there has to be reward for this prolonged period of sacrifice by the Jamaican people. Stabilisation is a necessary but not sufficient condition for producing economic growth.

Economic growth that is accompanied by employment creation requires increased output from existing productive capacity and/or the installation of additional new capacity. Both processes require increased investment, whether of local origin or in the form of direct or portfolio foreign investment.

Investment cannot be funded by more public sector borrowing, given the current fiscal situation and the still too high debt. The Government must spend to promote Jamaica as an investment destination.

Every private sector company knows that you cannot make money if you do not spend money to make the marketplace aware of the availability and quality of your goods and services. Developing countries are competing for foreign investment, and given the challenges of our business environment, then all the more reason to promote Jamaica’s opportunities.

In this regard, we are disappointed that Jampro’s budget is so totally inadequate for the task of adequately promoting investment in Jamaica. The agency cannot afford to have representatives in New York, Europe and China where the main foreign investors are located. We again urge the Government to rectify this anomaly and enable Jampro to promote Jamaica as an investment destination in the financial capitals of the world.

The money to increase the Jampro budget can be found. The funds used in holding a general election and the private funds that will pay for an election campaign amount to investment diversion and could be put to more productive use in 2015 and 2016, if the elections are held when it they are constitutionally due — between December 2016 and April 2017.

If good economic sense does not prevail, then the instinct for retaining political office should. The PNP is likely to have a better chance of winning the next general election if the economy improves.