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IMF conditions "extremely harsh" - Congresswoman Yvette Clarke

Congresswoman Yvette Clarke and Audley Shaw, Opposition Spokesman on Finance, Jamaica

One of  the five members of  the U.S. Congress who wrote to  President Barack Obama about the conditions imposed by the International Monetary Fund (IMF) on Jamaica, has provided details on the reasons behind the decision, saying the current performance criteria were "extremely harsh on the people of Jamaica."    

New York Congresswoman Yvette Clarke, who is the daughter of  Jamaican immigrants, told RJR News on Thursday night that the country's performance under the IMF programme played a key role.
  
The five Members of Congress, in their letter, have urged President Obama to press the IMF to lower Jamaica’s budgetary surplus threshold.     
   
Miss Clarke told RJR News that the letter was prompted by the observation of Jamaica's performance under the IMF tests, which she describes as diligent.
   
She said however that the current arrangement places limitations on the country's capacity for economic growth.

"There's no way, under the current construct that that's possible," she declared.   

"Having recently traveled to Jamaica with President Obama, I wanted to make sure that he was aware of the concerns," she said, particularly taking into consideration the limited time he has left in office.

The US Representatives - Clarke, along with Maxine Waters, Sheila Jackson Lee, Charles Rangel and Gregory Meeks - in their letter dated July 14, also asked the IMF and multilateral development banks to urgently consider extending the maturities of Jamaica's loans. 
   
The United States has veto power in the IMF, so it may find it will have to take the congressional concerns seriously.

According to the latest Don Anderson poll, commissioned by the RJR Communications Group, Jamaica's passing of  eight consecutive IMF tests has not resulted in a significant boost of  confidence in the economy.
                                                       
Audley Shaw

In response to news of the US Congressional initiative, Audley Shaw, Opposition Spokesman on Finance in the Jamaican Parliament, told RJR News that it was obvious that "they have done so, either at the specific request, or with the specific authorisation of the Government of Jamaica."

If that is so, he said, "it would be a clear and open admission, that despite the bragging of passing the IMF tests, ...the Government realises that the  primary surplus target of seven-and-a-half per cent is becoming increasingly unsustainable."    
 
   
    


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