MINISTER of Finance and the Public Service Mr Audley Shaw did something we don’t see too often in Jamaica when he gave credit to his predecessor, Dr Peter Phillips for laying the basis for the economic progress the country is making.

In Parliament on Tuesday, Mr Shaw was not shy in saying very plainly: “I have inherited good news from the former minister, and we are continuing with the good news in the present Administration. We have stuck with the IMF (International Monetary Fund) programme, we have fiscal containment…”

The finance minister reported that the economy had grown by 2.3 per cent for the July to September quarter, the highest quarter growth recorded since 2002. Additionally, inflation is at its lowest since 1967; the current account, although still in deficit, is down at the two per cent range, from 10-11 per cent and interest rates continued to trend down.

In urging the country to rally behind Government’s efforts to control the slide of the local dollar against the United States currency, Mr Shaw invited the Opposition to join the effort, acknowledging: “It happened on that side. It is happening on this side; and so what we have to do is that we have to come together to find a solution.”

It was previously announced that the Jamaica Labour Party (JLP) Administration would continue the IMF agreement, and Mr Shaw told Parliament that the country will, within three months, bring the present Extended Fund Facility programme to an early conclusion and commence a new Stand-By Arrangement as a substitute programme.

Importantly, the new arrangement includes an insurance policy, a hedge fund if you like, which has been negotiated with the IMF — a Stand-By Arrangement of US$1.7 billion at Jamaica’s disposal in the event of natural disasters such as floods, hurricanes or earthquakes; or oil price shocks.

It is obvious even to high school economics student that the level of growth and positive trajectory in the various fiscal numbers outlined by Mr Shaw could not have been achieved entirely in the nine months since the new Administration took office.

But Jamaica’s politics is not known for such forthrightness in acknowledging the work of previous administrations. Mr Shaw is to be commended, not because he did something that he should not be expected to do, but for walking away from the usual one-upmanship.

His action also reinforces the very compelling argument for fiscal continuity from one Administration to the next. The wanton discontinuation of good policies and programmes after a change of Government has robbed Jamaica of much of the progress and development that we could have achieved over the years since Independence.

Naturally, it takes two to tango, and the People’s National Party (PNP) Opposition has its own part to play.

It can decide that some of its own policies were opposed by the JLP, for example, the hedge fund against oil price shocks, and so it will not co-operate. It can see its role as an opposition in the narrow sense of not doing anything that could potentially help the JLP Government to do well. Or it can decide that the country’s future comes before all else.

It’s a decision only the PNP can make.