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More Good News

The numbers for the fiscal deficit were released recently and they revealed more good news. The deficit for the first three months of the financial year was just over $10 billion but this figure was $5 billion less than what was projected. Considering that a big part of the cost of dealing with the state of emergency would be included in those figures this represents an excellent accomplishment. When we add to that the passing of the IMF test for the same quarter then we are continuing on our long journey to financial independence.

However, we are still a long way from where we want to be as despite the improvement we are still operating in deficit. This means that we are still borrowing in order to meet our recurring expenses. The ultimate aim is to be operating in surplus so that we can actually start paying down our indebtedness. Another challenge facing the country is that the economy continued to decline although by less than expected. We have discussed at length that any solution to Jamaica’s financial problems must include growing the economy. This is how we will increase the number of jobs available, the collections from tax revenues and the standard of living for all persons. There has been a lot of focus on cost control but now the emphasis must be on job creation.

Another challenge facing the government is how to deal with the amounts owing to the nurses, police and teachers. The problem arises in that they agreed to pay certain amounts but the worldwide economic recession has hindered their ability to pay. We can see that many countries throughout the world have had to cut the salaries of civil servants in order to help balance their budgets. There are however consequences to such actions and one only needs to look at Greece to see what is happening. The quandary for us is whether we should increase the pay and reduce the number of staff or maintain the salary levels and retain more staff. The situation is compounded by the fact that there is not sufficient staff in the schools and hospitals and reducing the numbers will significantly impact the quality of the service that these institutions offer. There are also no other jobs available in the economy to absorb these persons. The government will need to negotiate with these bodies very carefully with a view to finding a satisfactory solution but always bearing in mind their financial responsibility.

The challenges continue but if each Jamaican should play their part and with God’s help we can make Jamaica a better place in which to live.

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3 Responses to “More Good News”

Angel@lovely says:

August 10, 2010 at 7:30 pm

Sadly our ppl suffer from self-hate, many have to be re-trained, bad-mind, envy, and red eye rule on all scales of our society.
Is time wi stop drink chanpagne pon beer money and a keep up farce .
Some rather wear frreign name brand than pay to live wid them children in a decent setting,
and dis yah Govt. nor PNP nah put poor ppl pon practise, all day long the same ppl a complaint
but not try fi help a neighbour dem just kick them dung furthur.
People who claim dem a top a top act like them cant chat to who noh inna fi dem clique.
Pare phoniness a galang some a help fi shine inna public and some a look more fi thief
Jamaica and its leaders on both sides are FAILURES to the ppl the shytstem stinks
Winston Anderson says:

August 10, 2010 at 8:58 pm

The DEFICIT was 15-Billion plus when this government tookover, and if it is now 10-Billion, then that is really AWESOME news for the government of Bruce Golding. That is to show Minister Shaw is doing a wonderful job.
If the deficit had RISE, TALK show hosts, medias, PNPs would be RUNNING with it like a flooded street. Now that it has declined, and setting a good pace, EVERYBODY is DUMB. I wonder what this government must do to get some HIGH praise. They are all working like like a well groomed horse to win the race, yet there are no good thinking for them. Anyway government of Jamaica, continue the course, and keep up the good work, as sooner or later the people of Jamaica, will see your great work. Thanks alot and God bless you all.
Glenn Smith says:

August 10, 2010 at 10:18 pm

One could link Jamaica’s future in direct proportion to her “quality” commitments. Indicators are pointing this way.

The following quality prospectus outlays this rationale:

When ~ any significant attention is given to quality, this stimulates increased value, forcing an influx of demands, tendering higher dividends, yields and premium opportunities.
When ~ a timeline to execute predictable performance is needed “Quality Process Control” techniques, streamline and scurry, service and industry, education, health care, and other government sectors into being more efficient and effective.
When ~ responding to meaningful and transformational systemic changes, widespread quality, infused on national scale contends with all deficits to achieve quantum results.
When ~ the pace of global interaction demands versatile international lines of integration “internal quality chains and quality circles” promote and win external mandates.
When ~ the portal to a “sustainable-available future” is needed, this becomes relevant to the quality blueprint being utilized.
When ~ aspiring to higher principles or standards of construction any compliance towards “higher quality” is an avenue for superior national architecture.

The account of these considerations sets the hypothesis that: Higher quality valued inputs leads to greater outputs. Quality, value, and demand are interlinked. A country’s value of goods and services is in ratio to its quality commitments. Whereas, Jamaica’s total commitment to quality would deliver the increased dividends that further elevates performance, productivity, and prosperity.