Deon P. Green, Gleaner Writer
Opposition Leader Bruce Golding. - RUDOLPH BROWN/CHIEF PHOTOGRAPHER
LONDON, England:
JAMAICA IS in an economic bind because its government has borrowed excessively from local and international commercial banking sectors, the money has to be repaid, and those sectors will not write off debts, says Opposition Leader Bruce Golding.
Mr. Golding was addressing a Gleaner/ Jamaica National Building Society forum, dubbed 'Outlook for the future', in Central London last Friday.
He said that there is need for an amendment to the Constitution which would restrict borrowing for the current and any future government.
"Jamaica is facing an economic crisis. In six years the debt is more than all taxes collected," said Mr. Golding. "We can't do that, we are marginalising the future of the next generation. We can't continue a culture of borrowing."
The Leader of the Opposition said that economic recovery has to come from increased production, the creation of new jobs and an instrument that will expand output. He said that many large developments are counterproductive to overall development and job creation. He cited Jamalco which he said invested US$1 billion but only provided 100 new jobs.
"We need to fashion investment that will create jobs, tailored for small and medium-sized businesses as they employ more people than large businesses," Mr. Golding argued.
Among those attending the forum were the managing Director of the Gleaner UK/Voice Group Kingsley Thomas; General Manager of the Jamaica National Building Society, Earl Jarrett; Jamaican High Commissioner to London, Gail Mathurin; Sir Bill Morris, and British Member of Parliament Diane Abbot.
