Prime Minister Andrew Holness
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Prime Minister Andrew Holness
Prime Minister Andrew Holness says Jamaica needs to reduce it debt levels.
However, he argued that the country must grow the economy so that government will borrow less.
"We fall in a trap, however, that having not paid attention to fixing the economy, governments are forced to borrow in order to be able to respond to the demands of a population. Borrowing is only pushing the problem of a weak economy down the road. Eventually, you are going to have to contend with that weak economy," he cautioned.
The Prime Minister urged members of the Jamaican diaspora and the private sector to invest in Jamaica, in order to fix the economy.
He said the government can influence the finance market through different policy activities in the finance sector, with the aim of promoting productivity and efficiency.
"Persons who have resources to invest realise that they can make good investment in Jamaica, that they don't have to convert their Jamaican money into US dollars to invest in a safer market overseas, that they can take a risk on Jamaica and invest in Jamaica. When your economy is doing well, people choose Jamaica," he insisted.
Prime Minister Holness was speaking at the grand opening of Sagicor's New Brunswick Village on Wednesday.
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