Dawn Ritch, ContributorIt is easier to get the Jamaican economy moving if those who are already in business are allowed to remain in business.
Were all threats to their existence removed, like high interest rates and FINSAC debt, the Jamaican private sector would give the economy a tremendous jump-start.
The need for new business and new investment in the country will remain critical, but every Government effort ought to be made to keep what is already here as well. It would act as motivation to others to start or expand their own businesses. Jamaica as an investment location would immediately appear more user-friendly, and open for business.
The public relations value of writing off the FINSAC debt, directly owed by technically-insolvent individuals and companies, would be inestimable. Not only would Jamaica get an economic jump-start because continuing monthly debt payment could instead be directly invested into growing their enterprises, and to keeping and increasing jobs, but these presently benighted Jamaican investors would no longer talk down investment opportunities in Jamaica.
For example, had they not done so, the cell licences recently offered by the Government of Jamaica to international operators could have been sold for a much higher price, to the far greater enrichment of our national coffers. The value of kind words from the mouths of Jamaican entrepreneurs themselves is inestimable. Were the Government of Jamaica to take this enlightened view of the country and its residents, and indeed continue and maintain the recent lower trend in interest rates, Jamaica shortly thereafter would again be acknowledged worldwide as heaven on earth.
An important fact must therefore be recognised. The banks and financial institutions in the former domestic sector were not bailed out, as popularly held and thought. These institutions were in fact taken over by the Government of Jamaica, merged and then sold. That was no bail-out, regardless of the cost. The customer debt to these institutions was kept by FINSAC, where it too is to be ultimately sold.
Bail-out
I would like to suggest therefore that the Government seriously consider its first bail-out. That bail-out should be urgently given to FINSAC debtors, i.e. the customers of the domestic financial sector which Government took over. When the city of New York went bankrupt, the then President of the United States called upon the U.S. private sector, led by David Rockefeller, to go in and re-activate and revive the city. Business had moved out and re-located south and to New Jersey. Crime had rocketed and New York needed restoration. It was done. Therefore, it can be done. The Government of Jamaica needs to recognise that it cannot do it alone, but needs the Jamaican private sector, not just a new one or an imported one.
The economic and social task facing Jamaica requires all hands on deck, and above all the strength of those already with their hands on the lines. The funny thing is that the international agencies recommended this two years ago, along with lower interest rates. Now at last the lower rates seem to be coming, but I don't know why the Government always has to wait so long before acting on the advice of these agencies.
PNP Senator Maxine Henry-Wilson said in the Senate recently that the Government was still looking for "an exit strategy" for FINSAC. Which only goes to show that the things closest to us remain the least known.
WHERE ARE THE BONES?
Ms. Blossom Samuel, executive director of the Jamaica National Heritage Trust (JNHT), wrote hot under the collar to the editor about a phrase of mine "...until we get some proper archaeologists, like the French, coming to Jamaica ..."
I meant no offence to Jamaica's recent efforts, which I hope are commendable. It was one of my rare moments of mocking the British (and indeed English language scholarship in general in the field).
In her letter she states that the White Marl site was carbon-dated "877-1494 plus or minus 120 years", but does not mention Taino skeletal remains among the other artefacts, as having been discovered. I hope therefore that on behalf of the JNHT, she would be kind enough to confirm that no bones have yet been found in Jamaica.
