Audley Shaw Audley Shaw, the Opposition Spokesman on Finance, is proposing a merger between Jamaica Trade and Invest and the Development Bank of Jamaica (DBJ) to spur what he describes as the economic transformation of Jamaica.
This recommendation forms part of a five-point plan that a Jamaica Labour Party-led administration would implement to create economic growth and development.
A credible debt-management strategy, an energy policy, a more efficient government bureaucracy, tax reform, and investment promotion form part of the strategy.
Failure to grasp role
Arguing that Jamaica Trade and Invest, despite its name change from the Jamaica Promotion Corporation, had failed to grasp its role in the economic transformation of the country, Mr. Shaw said the merger would create a dynamic results-oriented economic development agency that would cut red tape and provide for new start-ups and the expansion of existing businesses.
Making his presentation to the Budget Debate yesterday, Mr. Shaw unveiled what he called "a real economic development plan for Jamaica". He said this would produce six to 10 per cent growth in the medium to long term.
Lambasting the Government for its poor debt-management policy, Mr. Shaw said the Opposition has a credible strategy that would reduce long-term interest rates and redirect private-sector savings into the productive sector of the economy.
He said a Jamaica Labour Party (JLP) administration would secure lending from multilateral agencies on Jamaica's terms, adding that the country now operated within the confines of their policie it had no significant borrowing arrangements with any major multilateral agency.
Comprehensive audit
A comprehensive audit of the government's assets is also proposed. This would be done by "strategically" eliminating loss-making entities and divesting profitable entities through privatisation or public equity offerings on the stock exchange.
And, the Opposition spokesman reiterated the use of PetroCaribe funds to pay down high-cost debt.
Revisiting the issue of transparency as it related to proceeds from PetroCaribe, Shaw questioned whether Jamaica was guaranteed that the funds would not be used for election spending.
He urged Financial Secretary Colin Bullock to present monthly expenditure reports to Parliament on the use of PetroCaribe money, in order to preserve the integrity of the fund.
A major component of the Opposition's debt-management plan is to work towards a partnership with the private sector to lower the debt and interest rates.
The Opposition spokesman wants corporate taxes to be brought in line with personal income tax.
He also proposed issuing a diaspora bond.
