Dr Peter Phillips said that if we don’t pen an IMF deal soon
then dog will nyam we super, Jamaica the beautiful land of sand, sea and sun is
in deep financial problems.
These problems did not start over night it started over 20
years ago, with some serious bad management.
When we had the financial meltdown in the 90’s the then PNP government
implemented Finsac . What Finsac did was
to wreck the production sector, it close down over 40,000 businesses and put
thousands of Jamaicans out of a job.
What happen next we started to borrow our way out, common
sense tells us that if we are broke we have to sell our assets and borrow money
to keep a float and that exactly what happen over the years. What we did with
the money that we borrowed was to play politics with it; that money was not
centered on production.
That’s what cause us to be in the situation that we are in
today, in 2012 our total export was 1.6 billion US dollar and our imports was
over 5 billion US dollars. In order to buy oil and other goods and services that
the country needs, we have to raise the difference between what we earn and
what we spend. What the government is trying to do is to borrow a loan from the
IMF to fill that gap.
That is just putting a bandit over a cut, but at the end of
the day the real problem is there. There is only two way out of this situation,
is either we increase production or we cut out expenses drastically.
Jamaica have fertile soil we are bless with water and sun,
we should use these resources to increase production. The government should
invest a lot in agriculture because this sector can provide thousands of jobs
and increase exports.
We have to train our work force so that they can be
productive on the job, so that our economy can grow and we can earn our way out
of our problems instead of borrowing.
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