
wackiedon
5.5K posts


















If we are to understand many of the challenges Jamaica faces today, we must honestly reflect on the policy decisions made in the 1990s by the People’s National Party, which led to the Financial Sector Adjustment Company crisis. When the financial sector collapsed, the government at the time created FINSAC to bail out failing institutions, and that intervention cost the country approximately 42 percent of our entire economy. As a result, Jamaica’s national debt rose dramatically, from about 72 percent of GDP to nearly 130 percent within a few years. At one point, almost 70 percent of the taxes collected by the government had to be used simply to pay interest on that debt. This meant there was very little money left to maintain roads, repair hospitals, build schools, or invest in the infrastructure our people depend on every day. For many years, the country had to focus on stabilizing the economy and restoring fiscal discipline so that we could rebuild our financial strength. My commitment is to ensure that Jamaica never returns to those kinds of policy decisions that placed such a heavy burden on our people and our economy.


If we are to understand many of the challenges Jamaica faces today, we must honestly reflect on the policy decisions made in the 1990s by the People’s National Party, which led to the Financial Sector Adjustment Company crisis. When the financial sector collapsed, the government at the time created FINSAC to bail out failing institutions, and that intervention cost the country approximately 42 percent of our entire economy. As a result, Jamaica’s national debt rose dramatically, from about 72 percent of GDP to nearly 130 percent within a few years. At one point, almost 70 percent of the taxes collected by the government had to be used simply to pay interest on that debt. This meant there was very little money left to maintain roads, repair hospitals, build schools, or invest in the infrastructure our people depend on every day. For many years, the country had to focus on stabilizing the economy and restoring fiscal discipline so that we could rebuild our financial strength. My commitment is to ensure that Jamaica never returns to those kinds of policy decisions that placed such a heavy burden on our people and our economy.








This soup kitchen in Havana, Cuba, relies on local donations to make meals for the community. Pres. Trump blocked foreign shipments of oil to the island on Jan. 29, forcing Cubans to rely on each other to survive.


@mnkybrf Hi, we noticed your post. Please join us via direct message so that we can discuss further.







