Dear Editor,
The People's National Party (PNP) has played hard and fast with the Jamaican populace since 1972. Back then, they inherited a sound, stable and growing economy, an economy which stood far and tall about those of her other Caribbean islands; an economy which was used as a model for other struggling economies. Singapore comes quickly to mind.
Michael Manley took this foundation and severely damaged it with his failed socialism experiment. It was the Jamaica Labour Party (JLP), led by Edward Seaga, that took this Humpty Dumpty economy and started the process of putting it together again.
Amidst a global recession in 1980-1982, Jamaica was one of only six countries in the world to record growth. Due to the failed policies of the 1970s we had to go through a period of belt tightening. The International Monetary Fund (IMF) wanted Jamaica to implement certain changes that were necessary to jump-start this failed economy. Edward Seaga agreed that changes had to be made, but he was mindful of the dire human consequences that would result from the draconian measures which the IMF wanted to impose. He, therefore, fought the IMF tooth and nail.
In South Korea, at a meeting of the IMF and World Bank, Seaga stressed the negative impact that these measures would have on the Jamaican population. The IMF was rigid in its stance, and Seaga, being the leader that he was, stopped payment to the IMF and put the money in an escrow account. This action, unprecedented as it was, shocked our negotiating team -- which included Derrick Latibeaudiere and Headley Brown — who urged him to reconsider.
Seaga believed firmly that the IMF was wrong in its stance and stood his ground. Recognising the folly of its actions, the IMF changed its approach to extreme structural adjustment. We were then able to start a programme which saw Jamaica growing again and working towards a stable dollar.
The PNP took over a fragile but strengthening economy and a stable dollar, only to throw that away at a time when the rest of the world was growing by leaps and bounds. The JLP regained power and, in the middle of a recession, was able to negotiate a debt exchange (JDX). And whereas we were not out of the woods, at least we could see the clearing through the trees.
The PNP had nothing to fall back on, and it is now apparent they have nothing to bring to the table.
Rawle Burnett
rawlegb@aol.com
The chickens have come home to roost
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The People's National Party (PNP) has played hard and fast with the Jamaican populace since 1972. Back then, they inherited a sound, stable and growing economy, an economy which stood far and tall about those of her other Caribbean islands; an economy which was used as a model for other struggling economies. Singapore comes quickly to mind.
Michael Manley took this foundation and severely damaged it with his failed socialism experiment. It was the Jamaica Labour Party (JLP), led by Edward Seaga, that took this Humpty Dumpty economy and started the process of putting it together again.
Amidst a global recession in 1980-1982, Jamaica was one of only six countries in the world to record growth. Due to the failed policies of the 1970s we had to go through a period of belt tightening. The International Monetary Fund (IMF) wanted Jamaica to implement certain changes that were necessary to jump-start this failed economy. Edward Seaga agreed that changes had to be made, but he was mindful of the dire human consequences that would result from the draconian measures which the IMF wanted to impose. He, therefore, fought the IMF tooth and nail.
In South Korea, at a meeting of the IMF and World Bank, Seaga stressed the negative impact that these measures would have on the Jamaican population. The IMF was rigid in its stance, and Seaga, being the leader that he was, stopped payment to the IMF and put the money in an escrow account. This action, unprecedented as it was, shocked our negotiating team -- which included Derrick Latibeaudiere and Headley Brown — who urged him to reconsider.
Seaga believed firmly that the IMF was wrong in its stance and stood his ground. Recognising the folly of its actions, the IMF changed its approach to extreme structural adjustment. We were then able to start a programme which saw Jamaica growing again and working towards a stable dollar.
The PNP took over a fragile but strengthening economy and a stable dollar, only to throw that away at a time when the rest of the world was growing by leaps and bounds. The JLP regained power and, in the middle of a recession, was able to negotiate a debt exchange (JDX). And whereas we were not out of the woods, at least we could see the clearing through the trees.
The PNP had nothing to fall back on, and it is now apparent they have nothing to bring to the table.
Rawle Burnett
rawlegb@aol.com
The chickens have come home to roost
-->