Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



News from the Caribbean:


Back To Today's News

IMF head expresses confidence in regional economies
Published on July 1, 2014 Email To Friend    Print Version

By Douglas Mcintosh

KINGSTON, Jamaica (JIS) -- Managing director of the International Monetary Fund (IMF), Christine Lagarde, says she is confident in Jamaica’s ability to sustain and enhance economic stability, through government’s implementation of the Economic Reform Programme (ERP).

She also expressed similar confidence for other Caribbean islands, which she says are also undertaking similar programmes.

The IMF chief made her remarks while delivering a special lecture at the University of the West Indies (UWI) Mona Campus on Friday, on the theme: ‘The Caribbean and the IMF’.

Lagarde noted that while Jamaica has not overcome all of its economic challenges, “we can already see signs of calm seas ahead”, due to the implementation of the ERP.

These, she reiterated, includes: a seven per cent reduction in public debt; restoration of economic growth; improvements in the public purse; and reduction in inflation, and external account deficits.

“The economy (grew) at a rate of 1.6 percent, year over year, in the first quarter of 2014. If you look at (several) other countries in the (region, their performance is) certainly not as good as that number that you have turned up,” she stated.

The managing director noted “similar signs” in other countries that are “navigating their way through difficult reforms.” These, she said, include St Kitts and Nevis, which recorded four percent economic growth in 2013, and a one-third reduction in debt to gross domestic product (GDP) ratio; and Antigua and Barbuda, where the public debt has fallen by 15 percent.

Lagarde said these developments indicate the Caribbean’s “proven ability” to change. This, she noted, is further evidenced by the region’s shift from being predominantly agricultural to a service economy, with activities directly and indirectly related to tourism, while highlighting several other factors.

“The Caribbean, thanks to the University of the West Indies (UWI) and a few other (educational institutions), is also home to highly educated, (and) highly driven people. Added to that, the Caribbean has a legacy of good institutions with a thriving tradition of democracy and political accountability. This all bodes well for the future, especially if the region can (come to terms) with the twin challenges of competiveness and climate change,” she indicated.

Lagarde also praised the contribution and leadership of women, such as Jamaica’s Prime Minister Portia Simpson Miller, and Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar, to and in the Caribbean’s advancement.

The managing director pointed out that implementation of economic reform programmes in Jamaica and other Caribbean islands represent “only the beginning of the journey”, adding that “achieving lasting success will take time.”

The lecture formed part of the itinerary for Lagarde’s three-day visit to Jamaica from June 26 to 28.

Read the full lecture here
 
Reads: 1410





Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.



Other Headlines:



Regional Sports: