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Formal talks for new IMF dealto beginErica VirtueSenior Cleaner WriterJAMAICA WILL be seeking lo hammer ouJ a new arrangcmcnl wilh ihc Inlcrnalional Monetary Fund (IMF) when officials visil ihc counl ry ncxl vreck.jusl under a monlh before ihc slan of ihc new financial year.Finance Minislcr Dr Pclcr Phillips lold ihc House of Rep re sen la lives ycslcrday lhal ihc learn would conduci an Arliclc IV review which would serve as ihc siari of formalcrforl which is rcflccled in ihc Supplcmcnlary Esli males and which will have lo be s us laired in ihc ncxl fiscal yearlobring ihc programme back on I rack, and lo begin lo rcsiore lie credibilily of ihc counlry.” Phillips lold I he House.COMMITMENT TO REDUCING DEBTWilh Jamaica's deb I precariously perched al 130 per ccni of GDP. Phillips said ihcrc was a commilmcnl lo seeing il fall lo 100 per ccnl by ihc end of March 2012 and ihc counlry's inlcrnalional parlncrs have demon si ra led a clear undcrslanding of ihc “cxlremcly difficull economic condilion lhal Jamaica and ihc new adminislralion face’’.“Aparl from ihc decline in key indicalors, parlicularly on ihc fiscal from, ihc mosl significanl obslaclc in ihc discussion wilh ihcsoonWashing ion-based inslilulions was ihc loss of credibilily I Hal ihc counlry is facing due lo ihc failure lo carry ihrough commilmcnls made under ihc IMF slandby agreemcnl.'’ Phillips said.However, his use of ihc lerm “loss of credibilily'’did nol si I well wilh ihc Oppasilion.The former minislcr, now Spokesman on Finance Audlcy Shaw, chasliscd ihc minislcr saying credibilily was losl long before his adminislralion look power in 2007.“Thcpoini I simply male. Mr Speaker, is lhal in rclaiion lo ihc SB A. ihc slandby agrecmcni lhal had been cnlcrcd inlo. lhal ihcrc were I wo reviews lhal were successfully complcicd, ihcrc were six reviews lo be done, and olhcrs were nol successfully complcicd, and by ihc end of ihc programme, ihcrc had been no formal discussion surrounding ihc programme for close lo cighl monlh s.'’ Phillips saidHO LNESS SEEKS ANSWERSOpposilion Leader Andrew Holncss ihcn engaged ihc finance minislcr in a long qucslion-and-ansvvcr period seeking lo find oul if ihc Govcrnmcnl had given a commilmcnl lo ihc fiscal programmes undertaken by ihc lasl adminisl ral ion.According lo Phillips, ihc new agrecmcni being sough I by ihc adminislralion would nol begin where ihc lasl one ended, as he believed ihcrc was a bci ler way.However Phillips commillcd lo mainlaining ihc process of fiscal con soli dal ion. ensuring improvemcnls in ihc primary balance, ihc overall fiscal dcficil, ihc dcbi-GDP ralio; and lo undertaking slruclural reforms on lax. policy and public-sector pension.He also commillcd lo ensuring lhal ihc mosl vulnerable in ihc socicly were prolcclcd.erica.virtue @g/eanerjm.comncgolialions for a new ihrcc-ycar medium-lerm programme.Phillips said, during his icccnl Irip lo ihc Uniled Slalcs, he mcl wilh reprcscn la lives of ihc IMF. World Bank, privale capiial markets, Inicr-Amcrican Develop mcni Bank as well as key congressional ouifils, some expressing ihcir willingness and olhcrs expressing concerns aboul Jamaica's fiscal programme.Mr Speaker, il is very clear lo all lhal ihc fiscal programme of ihc previous adminislralion had gone off I rack disaslrously during ihc second half of 2011 and lhal ihcrc needs lo te a sirongPHILLIPS
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Kingston Gleaner
Kingston, Kingston, JM
Thu, Mar 01, 2012
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