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PRESENTATION BY
“A TIME TO CHOOSE”
ORDER OF SPEECH
IN MY PRESENTATION THIS AFTERNOON I WILL:
YEAR 199 199 199 199 199 199 199 200 200 200 200 200 200
3 4 5 6 7 8 9 0 1 2 3 4 5
REAL
ANNUAL
GDP
GROWT
H% 1.4 1.0 0.7 -1.3 -1.7 -0.3 0.9 0.7 1.5 1.1 2.3 0.9 1.4
AVERAG 0.
E GDP
- - - - - - - - - - - - - 6
CUMULA
- 8.
TIVE
GDP - - - - - - - - - - - - - 6
THE EVEN HIGHER TREASURY BILLS RATES BETWEEN 1992 AND 1996
WHICH LED TO COMMERCIAL BANKING RATES AVERAGING 53.0% IN
THE 1990s, AND WHICH LED TO THE FINANCIAL SECTOR COLLAPSE
LEADING TO A BILL OF $130 BILLION AND THE FIRE SALE OF MANY
HOMEGROWN JAMAICAN BUSINESSES. (ISLAND LIFE, MUTUAL LIFE,
CEMENT COMPANY, BANKS, AND EVEN THE VERY LIFE OF JAMAICA
(LOJ).
2.6 SUMMARY
MR. SPEAKER, OVER THE PERIOD SINCE I HAVE BEEN THE OPPOSITION
SPOKESMAN ON FINANCE, I HAVE BEEN QUITE CONSISTENT IN
BRINGING TO THE ATTENTION OF THIS HONOURABLE HOUSE, AND TO
THE COUNTRY, THE INCREASING PROBLEMS AND THE RISKS WHICH
THE FAST GROWING COST OF THE RAPIDLY EXPANDING PUBLIC DEBT,
IMPOSE UPON THE ALREADY OVER-BURDENED TAXPAYERS, THE
ECONOMY AND INDEED EVERY MAN, WOMAN AND CHILD.
9
ANNUAL
INTERES TOTAL
INTERES T INTEREST
DEBT INSTRUMENT T RATE CHARGE CHARGES MATURITY DATE
1. US$225M 12.5% J$1.9B J$1.9B 2007 IN 1 YEAR
2. US$50M 9.5% J$315M J$.630M 2008 IN 2 YEARS
3. US$50M 9.0% J$298M J$.596M 2008 IN 2 YEARS
4. 4. EURO 10.5% J$1.64B J$4.8B 2009 IN 3 YEARS
200/US$250M
5. US$400M 11.75% J$3.1B J$15.5B 2011 IN 5 YEARS
6. EURO 11.0% J$1.7B J$10.2B 2012 IN 6 YEARS
200/US$250M
7. EURO 10.5% J$1.2B J$9.6B 2014 IN 8 YEARS
150/US$190M
8. US$300M 9.0% J$1.8B J$16.2B 2015 IN 9 YEARS
9. US$425M 10.625% J$2.992B J$32.5 2017 IN 11 YEARS
10. US250M 11625% J$1.9B J$30.4B 2022 IN 16 YEARS
11. US$250M 9.25% J$1.53B J$28.5B 2025 IN 19 YEARS
12. US$250M 8.5% J$1.4B J$42.0B 2036 IN 30 YEARS
THE M.O.U. HAS A 2-YEAR $11 BILLION GAP BETWEEN THE UNIONS’
REQUEST AND THE GOVERNMENT’S OFFER. IN THIS FISCAL YEAR THE
GAP IS $4.0 BILLION.
6.8 TAXATION
6.9.1 J.P.S.CO.
CONCLUSION
MR. SPEAKER, TODAY JAMAICA FACES REAL ECONOMIC CHOICES. AS I
HAVE SHOWN, THERE IS A DIFFERENCE BETWEEN THE GOVERNMENT
AND THE OPPOSITION ON HOW THE JAMAICAN ECONOMY SHOULD BE
MANAGED AND THIS DIFFERENCE APPEARS TO BE GROWING:
ADAM SMITH, WRITING 230 YEARS AGO, PUT IT BEST WHEN HE WROTE
“AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF
NATIONS.”
33
THANK YOU, MAY GOD BLESS YOU ALL AND MAY GOD BLESS JAMAICA !