The International Monetary Fund has granted Jamaica a much-needed economic lifeline. In return, the island – one of the most indebted countries in the world – needs to get a grip on its rampant public spending. Inside a Cambio (currency exchange ), as the customers wait in line, the talk quickly turns to the exchange [...]
Jamaica to Sell Off Petroleum Marketing Company
April 25, 2013 | Posted by
Jamaica’s top energy official says the government plans to sell off the Caribbean island’s petroleum marketing company. In his Wednesday budget debate presentation, Energy Minister Philip Paulwell announced that the Cabinet has decided to divest the Petroleum Company of Jamaica, usually referred to as Petcom. Paulwell says a valuation of the state-owned company is being [...]
Jamaica’s Decades of Debt are Damaging Its Future
April 16, 2013 | Posted by
The latest IMF loan does not “rescue” Jamaica whose debt must be written off if its people are to take control of their economy Many people in Jamaica trembled as they read the financial press last week, telling them that their country is, again, due to be “rescued” by a loan package put together by [...]
Overconsumption Drives Jamaican Economic Woes, IMF Official Says
April 15, 2013 | Posted by
KINGSTON, Jamaica— Overconsumption is the main cause of the island’s current economic woes, Gene Leon, representative of the International Monetary Fund to Jamaica, said on Sunday. Addressing a forum on promoting Jamaica’s small- and medium-sized business, Leon said the country has been consuming far more than it has been able to earn, which leads to [...]
Jamaica to Receive $2B Rescue Package From Banks
April 9, 2013 | Posted by
Multilateral lenders have finalized a rescue package of almost $2 billion for Jamaica, one of the most indebted countries in the world, as the Caribbean heavyweight attempts to return to fiscal and economic health. The International Monetary Fund said on Monday that it would lend Jamaica $958 million, some $200 million more than expected, while [...]
Jamaica to Launch Major Infrastructure Scheme
April 6, 2013 | Posted by
Jamaica said it will start a nationwide infrastructure program this year, which, it said, will be supported by concessionary loan from China. The project was first unveiled Thursday by Governor General Patrick Allen in his address to the Jamaican parliament for the 2013-14 fiscal year. The Chinese Embassy to Jamaica Friday confirmed the announcement, while [...]
Jamaica At Risk For Major Earthquake, Expert Says
March 28, 2013 | Posted by
A U.S. seismic expert has urged Jamaica to start long-term efforts to prepare for another major earthquake on the island, where the capital city was mostly destroyed by a huge tremor just over a century ago. It is impossible for scientists to determine if the next big quake will hit in days or decades, but [...]
IMF Unlikely to Approve Jamaica Loan Before End of March
March 25, 2013 | Posted by
There is anxiety in Jamaica as to whether the schedule of the International Monetary Fund will allow the IMF to approve a much-anticipated $750 million loan for Jamaica before the end of March. When the IMF updated its executive board calendar last month and replaced Jamaica with the Philippines for the March 29 board meeting, [...]
Dwindling Number of Nationals Retiring to Jamaica After Living Abroad
March 20, 2013 | Posted by
MANDEVILLE, Jamaica — In this affluent town in Jamaica’s cool, mountainous interior, Jasmine Pottinger has realized the dream that kept her going while dealing with racism, culture shock and other challenges during almost four decades of working in drizzly London, a city where she never felt entirely accepted. The 73-year-old retired nurse and her husband, [...]
Eric Holder, Caribbean Leaders Discuss Mass Deportations
March 19, 2013 | Posted by
Since taking office in 2009, President Obama is on track to deport more people since he’s been in the White House than all of the deportations in U.S. history prior to 1997. This explosion in deportations was the subject of a meeting Attorney General Eric Holder held in Haiti with Caribbean leaders, as he admitted [...]
