Audley Shaw (left), the Jamaica Labour Party Spokesman on Finance and Dr. Omar Davies, the Minister of Finance and Planning, during the second in the series of political debates at the Creative Production and Training Centre, Arnold Road, Kingston, last night. - Winston Sill/Freelance Photographer

Opposition Spokesman on Finance Audley Shaw has argued strongly that a new Jamaica Labour Party (JLP) administration would create jobs and ultimately generate growth to pull the country out of its economic woes.

Participating in the second national debate last night, Mr. Shaw sought to dismiss claims from Finance and Planning Minister, Dr. Omar Davies that the JLP was making promises that it could not fund, if it becomes the next administration.

Mr. Shaw insisted that a JLP administration would redirect resources, grow the economy at between six and 10 per cent per annum, reduce the fiscal deficit and earn incremental taxation of between $10 billion and $20 billion annually.

Cheaper funds

He also said the JLP would seek cheaper funds for projects from the multilaterals, including the Inter-American Development Bank and the World Bank.

But Dr. Davies contended that financing for the various promises made by the JLP could only be achieved by implementing a massive tax package, borrowing or from debt forgiveness. Dr. Davies argued that this would increase the fiscal deficit.

However, financial analyst, Keith Collister said it was not correct for the minister to state that the Inter-American Development Bank would not lend money to Jamaica for projects. He also argued that cheaper funds could be obtained from that institution.

Assessing the debate, Mr. Collister said Mr. Shaw seemed better prepared than his opponent, noting that there appeared to be a major upset in terms of expectations.

"I think he (Shaw) has got his message out in terms of growth, jobs, debt management strategies," Mr. Collister said.

Mr. Shaw also said that a JLP administration would dismantle the Ministry of Local Government, but retain the parish councils.