Dear Editor,
I write in reference to a letter by Patrick Callum and published in your newspaper of April 2, 2013, calling on the Minister of Finance and Planning, Dr the Hon Peter Phillips to "Level with the Jamaican people". The letter highlighted a number of instances in which the writer claimed that the Minister has misinformed the Jamaican people on the status of the IMF negotiations. In his desire to be transparent, Minister Phillips has always sought to provide the public with information on the status of the negotiations and his expectations for completing the negotiations within a given time period. Unlike the previous administration where information on the status of negotiations was not forthcoming, the Minister, according to media reports has held numerous consultations with stakeholders including community meetings sponsored by the Social Development Commission, where information on the status of negotiations with the IMF was provided.
The letter also asserted that Dr Phillips announced the possibility of tabling another tax package to cover the $10 billion NDX shortfall. This assertion is inaccurate, as Dr Phillips did not mention the possibility of any additional taxes amounting to $10 billion to cover any shortfall on the NDX. At a press conference at Jamaica House on March 27, 2013, the Minister was asked whether there would be additional taxes in his budget presentation. Minister Phillips responded that there might be "tidying up" measures needed to correct anomalies and bring a level of harmonisation to tax measures already in place. Additionally, to provide further clarity, the Minister indicated that he foresaw no major tax announcements.
Although the writer is entitled to draw his own conclusions based on a perceived series of events, I believe that the Minister's handling of his portfolio, particularly in relation to the negotiations with the International Monetary Fund, is deserving of commendation. These negotiations were made more difficult on account of the unfulfilled commitments made by the previous administration and the associated lack of trust that the IMF had towards Jamaica.
On assuming office in January 2012, the Government's first order of business was to repair the breach of trust that existed, and that in itself took some time to accomplish. Despite these challenges, significant efforts have been made in negotiations with the IMF including the achievement of a Staff Level Agreement in February 2012, and the completion of a Letter of Intent which is now before the IMF Executive Board for consideration. Other achievements included the successful completion of a set of prior actions which were required as part of the country's obligation to secure a new arrangement with the IMF.
It is important to note that Dr Phillips has made public that Jamaica has completed all the necessary requirements to satisfy the IMF. The country has also been informed that due to discussions between the IMF and other multilaterals, including the World Bank and the IADB on the level of commitment from each institution towards Jamaica's programme, there has been a further delay in presenting Jamaica's programme to the Executive Board. I believe that Dr Phillips has done the appropriate thing by urging the multilaterals to conclude these discussions as quickly as possible to allow the Executive Board of the IMF to begin the deliberations on Jamaica's programme.
Dr Phillips should also be commended for his stewardship, because he has managed to steer Jamaica away from the calamities being experienced by countries such as Greece, and most recently Cyprus, where harsh measures have been implemented and significant restrictions are being imposed.
I disagree strenuously with the conclusion drawn by the writer that Dr Phillips cannot handle the Finance portfolio. On the contrary, I believe that his knowledge, insight, passion and commitment to Jamaica make him most suited for the role of correcting the mistakes of the past and putting Jamaica on a path of sustained economic growth.
I therefore ask Jamaicans, in this time of crisis, to be patient and give their full and unequivocal support to Dr Peter Phillips as he continues to correct the maladies of our current financial woes and complete the restructuring of Jamaica's economy.
Kemar Brown
Kemar.a.brown@hotmail.com
Wrong about Dr Phillips
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I write in reference to a letter by Patrick Callum and published in your newspaper of April 2, 2013, calling on the Minister of Finance and Planning, Dr the Hon Peter Phillips to "Level with the Jamaican people". The letter highlighted a number of instances in which the writer claimed that the Minister has misinformed the Jamaican people on the status of the IMF negotiations. In his desire to be transparent, Minister Phillips has always sought to provide the public with information on the status of the negotiations and his expectations for completing the negotiations within a given time period. Unlike the previous administration where information on the status of negotiations was not forthcoming, the Minister, according to media reports has held numerous consultations with stakeholders including community meetings sponsored by the Social Development Commission, where information on the status of negotiations with the IMF was provided.
The letter also asserted that Dr Phillips announced the possibility of tabling another tax package to cover the $10 billion NDX shortfall. This assertion is inaccurate, as Dr Phillips did not mention the possibility of any additional taxes amounting to $10 billion to cover any shortfall on the NDX. At a press conference at Jamaica House on March 27, 2013, the Minister was asked whether there would be additional taxes in his budget presentation. Minister Phillips responded that there might be "tidying up" measures needed to correct anomalies and bring a level of harmonisation to tax measures already in place. Additionally, to provide further clarity, the Minister indicated that he foresaw no major tax announcements.
Although the writer is entitled to draw his own conclusions based on a perceived series of events, I believe that the Minister's handling of his portfolio, particularly in relation to the negotiations with the International Monetary Fund, is deserving of commendation. These negotiations were made more difficult on account of the unfulfilled commitments made by the previous administration and the associated lack of trust that the IMF had towards Jamaica.
On assuming office in January 2012, the Government's first order of business was to repair the breach of trust that existed, and that in itself took some time to accomplish. Despite these challenges, significant efforts have been made in negotiations with the IMF including the achievement of a Staff Level Agreement in February 2012, and the completion of a Letter of Intent which is now before the IMF Executive Board for consideration. Other achievements included the successful completion of a set of prior actions which were required as part of the country's obligation to secure a new arrangement with the IMF.
It is important to note that Dr Phillips has made public that Jamaica has completed all the necessary requirements to satisfy the IMF. The country has also been informed that due to discussions between the IMF and other multilaterals, including the World Bank and the IADB on the level of commitment from each institution towards Jamaica's programme, there has been a further delay in presenting Jamaica's programme to the Executive Board. I believe that Dr Phillips has done the appropriate thing by urging the multilaterals to conclude these discussions as quickly as possible to allow the Executive Board of the IMF to begin the deliberations on Jamaica's programme.
Dr Phillips should also be commended for his stewardship, because he has managed to steer Jamaica away from the calamities being experienced by countries such as Greece, and most recently Cyprus, where harsh measures have been implemented and significant restrictions are being imposed.
I disagree strenuously with the conclusion drawn by the writer that Dr Phillips cannot handle the Finance portfolio. On the contrary, I believe that his knowledge, insight, passion and commitment to Jamaica make him most suited for the role of correcting the mistakes of the past and putting Jamaica on a path of sustained economic growth.
I therefore ask Jamaicans, in this time of crisis, to be patient and give their full and unequivocal support to Dr Peter Phillips as he continues to correct the maladies of our current financial woes and complete the restructuring of Jamaica's economy.
Kemar Brown
Kemar.a.brown@hotmail.com
Wrong about Dr Phillips
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