Co-chair of the Economic Program Oversight Committee Richard Byles said Jamaica can expect a period of greater prosperity, having surpassed the more austere aspects of the International Monetary Fund program.
Byles, who is also president and chief executive officer of Sagicor Group Ltd, speaking at the company’s Pension Investment Fund seminar at the Jamaica Conference Center yesterday, said Jamaica’s economy has a positive outlook.
“The last three years was the period of the most difficult aspects of the IMF program, and what lies ahead is … a little bit more relaxation and positives to look forward to [as well as] increasing business confidence,” he said.
He pointed out that as the country’s debt continues to decrease, the government will have more opportunity to invest in infrastructure and further advance economic growth.
“I feel that we are on the right track and do have good prospects ahead of us. What I see going forward is a period of increasing success, increasing growth and increasing prosperity,” Byles added.
The EPOC co-chair, meanwhile, urged Jamaicans to embrace the possibility and the opportunities of success.
He explained that an improved current account deficit has served to strengthen the position of the country’s net international reserves from $800 million to approximately $2.2 billion. He also highlighted the reduction in the food import bill, due to advances in domestic agriculture, and the decrease in inflation rate as positive signs.