Dr Peter Phillips on the Jamaican Economy Aug 2011 Part 5

Opposition Commitments: Jamaica and the world economy are obviously in a very turbulent and difficult time. The recent instability in the European bond market and the downgrade of the US debt rating herald a setback in the prospects for global economic recovery. This will make the prospects for global economic recovery in Jamaica even more difficult.

The range of policy options available to Jamaica is limited. We must control and reduce our debt. We must control public expenditures and contain our fiscal deficit.

We must maintain monetary and fiscal stability and remove the barriers to growth and job creation inherent in a cumbersome and inequitable tax system and the over bureaucratisation of public sector procedures.

In pursuit of these objectives the opposition is among other things committed to:

Fair, transparent and efficient management of our financial and economic affairs. We will ensure more effective Parliamentary oversight of the Budget and Taxation.

We will, despite the limited resources, be engaging the private sector -- micro, small, medium and large -- in a sustained programme of investment and job creation in Tourism, Agriculture and Agro-Industry, the ICT Sector and Creative Industries.

We are committed too, to a containment and reduction of the cost of energy through the implementation of elements of greater competition and to the exploration and development of alternative energy resources.

The better and more efficient use of our available resources for infrastructure development in order to stimulate job creation and growth.

Most of all, we can assure you that we will seek to engage all national stakeholders - Trade Unions, Investors and Taxpayers in an atmosphere of respect and regard for their interests.

There is no time available for political posturing or cronyism. Jamaica's future is too important for that.

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