No more reckless policy reversals: Jamaica finance minister

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the country’s days of being subjected to reckless forms of policy reversals to the detriment of the local people and the economy are over.

Speaking at the opening of the Victoria Mutual Fairview Financial Centre in Montego Bay, St. James, on April 24, Mr. Clarke said Jamaica has been benefiting from a growing number of economic reforms and opportunities, due to laws and policies implemented by the Government over the past few years.

He pointed out that more than 100,000 Jamaicans have joined the workforce over the period, and this is a direct result of a more prosperous economy brought on by Government’s policy infrastructure.

The Minister noted that anyone who is interested in reversing these gains should face the overwhelming number of Jamaican people whose lives have been made better because of this.

“We’ve experienced a lot of positive change coming out of our economic reform, and we will continue with the policies that have generated this unprecedented period of opportunity for Jamaica,” said Mr. Clarke.

“For too long throughout our history, we have been in what we call ‘policy volatility’. We have borne too much, come too far. The fruits of our sacrifice are much too evident for us to jump on policy reversal,” he added.

He further explained that the capital expenditure that Jamaica is able to execute today is 100 per cent more than the capital expenditure that was executed three or four years ago. Spending on social support is also 60 per cent higher, he noted.

“Those are tangible gains for more economic reform programmes,” said the Minister.

Mr. Clarke congratulated the financial institution, noting that “you (VM Group) being here is going to invite a response from your competition, which is good, because at the end of the day, the people of Jamaica are the beneficiaries”.

The new location is equipped with conveniences and technology that will improve members’ experience as they benefit from the full suite of financial services offered by the VM Group in one complex.