PM denies making statement to Bloomberg News

[evanovitch]

Jamaica House is refuting a report from the US based Bloomberg News which quoted Prime Minister Portia Simpson Miller as describing the Jamaica Debt Exchange programme, JDX, as a failure.

In a report published today the highly respected business publication quoted the Prime Minister as saying that JDX negotiated by the JLP administration fell apart after the JLP government failed to share information with the IMF for almost one year.

This quote drew the ire of former Finance Minister Audley Shaw who blasted the Prime Minister and demanded that the story be corrected in order to preserve Jamaica's reputation on the international capital market.

However, Jamaica House says at no time during the interview with Bloomberg did the Prime Minister make any mention of the JDX programme.

A senior official said the quote attributed to Mrs Simpson Miller is erroneous. Its understood that Jamaica House will be seeking a retraction from Bloomberg. Mr. Shaw wants the Prime Minister to immediately address wnat he says is a gross inaccuracy which has been attributed to Mrs Simpson-Miller to protect Jamaica’s reputation on the local and international capital markets. He maintained that the Jamaica Debt Exchange was highly successful and even this week in Parliament the Minister of Finance announced a successful repayment of bond maturities under the programme.

He also denied suggestions that the JLP administration failed to share information with the IMF for one year. He argued that The lack of several IMF reviews under the Stand-by Agreement (SBA) was as a result of slower than expected pace of implementation of critical structural reforms to Tax, Pension and Public Sector wage settlements.

These issues remain outstanding and must now be tackled by the present administration furnishing specific delivery timelines in order to preserve confidence in the investment community. Mr. Shaw also suggested that Bloomberg itself, as a highly reputable business reporting agency worldwide, should check its facts and correct this erroneous report as the Jamaica Debt Exchange Programme has been commended by the IMF and other multilateral agencies, and it was even suggested that debt-ridden Greece should look at this successful model for lessons it can learn.

[evanovitch]

Jamaica Seeks Greek-Style Bailout to Aid Growth, L



Jamaica Seeks Greek-Style Bailout to Aid Growth, Leader Says

By Eric Sabo - Mar 2, 2012 12:34 PM MT
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..
Jamaican Prime Minister Portia Simpson Miller said the Caribbean island would benefit from a Greek-style bailout as it negotiates a new loan agreement with the International Monetary Fund.

“If we could get a bailout like Greece, lord have mercy, you would see Jamaica grow and flourish,” Simpson Miller, 66, said in an interview yesterday in Montego Bay. “The European countries got together and gave some serious aid to Greece. We know we would never be able to get the same level as Greece, but if we could get some consideration from countries or the IMF, we would be on our way.”

An accord to swap $7.8 billion of local bonds in 2010 for securities with longer maturities and lower interest rates fell apart after the previous administration failed to share information with the IMF for almost a year, Simpson Miller said. Jamaica’s debt burden was 126 percent of GDP in 2011, according to the Washington-based lender.

The accord had paved the way for Moody’s Investors Service to raise Jamaica’s credit rating and the IMF, which devised the debt exchange, to approve a 27-month, $1.27 billion stand-by credit.

The governing People’s National Party has since agreed to boost taxes and limit pensions as part of reaching a new IMF accord. Jamaica will not tax the most vulnerable, said Simpson Miller, who is island’s third prime minister since October and previously served in the post in 2006-2007.

Economic growth will rise to 2.4 percent this year from 1.4 percent in 2011, according to the IMF.

Debt Burden

Jamaica’s debt burden in 2011 ranked it the eighth most- indebted country in the world, behind only Antigua & Barbuda and St. Kitts & Nevis in the Caribbean. Zimbabwe led the list at 231 percent of GDP, with Greece fourth at 165 percent.

The stalled agreement with the IMF “further detracts” from Jamaica’s credit rating, Standard & Poor’s said in a Feb. 22 report. The country’s debt is rated B- by S&P, while Moody’s rates Jamaica at B3, or six steps below investment grade. The Moody’s rating puts the island of 2.9 million in the same category as Argentina and Belarus.

The extra yield investors demand to hold Jamaica’s dollar bonds instead of U.S. Treasuries has fallen 5 basis points, or 0.05 percentage point, since Simpson Miller took office on Jan. 5 to 8.14 percent, according to JPMorgan Chase & Co.’s EMBI Global Diversified Index. The Jamaican dollar has fallen 0.1 percent this year to 86.42 per U.S. dollar.

State of Emergency

Simpson Miller said that austerity measures to pay off debt could harm efforts to control drug gangs. Former Prime Minister Bruce Golding declared a state of emergency in 2010 to contain violence related to the extradition of an accused drug lord to the U.S.

“Criminals will be allowed to survive if we can’t provide for the peace-loving people who live in communities the gangs operate in,” Simpson Miller said.

Tourism, which accounts for about 10 percent of gross domestic product and half of foreign exchange earnings, has rebounded since drug dealer Christopher “Dudus” Coke was captured and prosecuted in New York, she said.

Gangs still control areas of Kingston, the capital, though the violence has not affected the beaches, resorts and golf courses popular with tourists on the country’s north shore.

Simpson Miller, who was Jamaica’s first female prime minister, joins a recent crop of female leaders in Latin American and the Caribbean, including Dilma Rousseff of Brazil, Cristina Fernandez de Kirchner of Argentina and Laura Chinchilla of Costa Rica.

To contact the reporter on this story: Eric Sabo in Montego Bay, Jamaica at [email protected]

To contact the editor responsible for this story: Joshua Goodman at [email protected]

[SmoothOperator]

Re: Jamaica Seeks Greek-Style Bailout to Aid Growth, L

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">

Jamaica Seeks Greek-Style Bailout to Aid Growth, Leader Says

By Eric Sabo - Mar 2, 2012 12:34 PM MT
.
..
<span style="font-weight: bold">“If we could get a bailout like Greece, lord have mercy, you would see Jamaica grow and flourish,” Simpson Miller, 66, said in an interview yesterday in Montego Bay. “The European countries got together and gave some serious aid to Greece. We know we would never be able to get the same level as Greece, but if we could get some consideration from countries or the IMF, we would be on our way.” </span>

</div></div>

When I read this part I wondered if I was reading satire. I wonder if the reporter in question has this on tape - they usually record these things.

[Gen]

Re: Jamaica Seeks Greek-Style Bailout to Aid Growth, L

funny how this is the same part that stood out for me I couldn't even read the rest of the article.

like seriously Ms. Simpson ?? dem spike the sorrell ?? are you kidding me ?



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: TreyJ</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">

Jamaica Seeks Greek-Style Bailout to Aid Growth, Leader Says

By Eric Sabo - Mar 2, 2012 12:34 PM MT
.
..
<span style="font-weight: bold">“If we could get a bailout like Greece, lord have mercy, you would see Jamaica grow and flourish,” Simpson Miller, 66, said in an interview yesterday in Montego Bay. “The European countries got together and gave some serious aid to Greece. We know we would never be able to get the same level as Greece, but if we could get some consideration from countries or the IMF, we would be on our way.” </span>

</div></div>

When I read this part I wondered if I was reading satire. I wonder if the reporter in question has this on tape - they usually record these things. </div></div>

[SmoothOperator]

Re: Jamaica Seeks Greek-Style Bailout to Aid Growth, L

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">funny how this is the same part that stood out for me I couldn't even read the rest of the article.

like seriously Ms. Simpson ?? dem spike the sorrell ?? are you kidding me ?

</div></div>

I can see Portia a kimbo, both har hand pan har waist as she tell the reporter, <span style="font-weight: bold">&quot;Bwoy if we could a get a bailout like Greece you see, lawd a massy we gone clear.&quot;</span>.

And you know what. Me no believe the reporter mek dis up. What reason would the man have to go a Jamaica and put words in a the PM mouth bout Greece and JDX.

[barosa]

Re: Jamaica Seeks Greek-Style Bailout to Aid Growth, L

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">“If we could get a bailout like Greece, lord have mercy, you would see Jamaica grow and flourish,” Simpson Miller, 66, said in an interview yesterday in Montego Bay. “The European countries got together and gave some serious aid to Greece. We know we would never be able to get the same level as Greece, but if we could get some consideration from countries or the IMF, we would be on our way.”

</div></div>
It's got to be satire. Jamaica belongs to CARICOM. - If only our Union was an economic one like the EURO ZONE, <span style="font-weight: bold">maybe there would be no wishful thinking..</span> Greece is definetely on her way.

________________________________________

Blessed is the sun, it doesn't discriminate, it shines on everyone..

[Tuff Gong]

Re: Jamaica Seeks Greek-Style Bailout to Aid Growth, L

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: TreyJ</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">

Jamaica Seeks Greek-Style Bailout to Aid Growth, Leader Says

By Eric Sabo - Mar 2, 2012 12:34 PM MT
.
..
<span style="font-weight: bold">“If we could get a bailout like Greece, lord have mercy, you would see Jamaica grow and flourish,” Simpson Miller, 66, said in an interview yesterday in Montego Bay. “The European countries got together and gave some serious aid to Greece. We know we would never be able to get the same level as Greece, but if we could get some consideration from countries or the IMF, we would be on our way.” </span>

</div></div>

When I read this part I wondered if I was reading satire. I wonder if the reporter in question has this on tape - they usually record these things. </div></div>

Clown!
She is so stupid, Greece Bailout is partly based on the JDX, but the long drawn out time that it took allowed Greek Investors to secret money out of the country.
While she is badmouthing JDX she needs to take the time to overstand what exactly it is/was.
Jamaica and Greece are two of a kind, high debt and bloated Public Sector, but CARICOM is not the EuroZone. Better off Caribbean Islands is not going to throw their hard earned cash at the feet of Comrades who admitted to spending 18 years running Jamaica into the ground when they were at the wicket.

[Magician]

Re: Jamaica Seeks Greek-Style Bailout to Aid Growth, L

First of all Greece is far from being on their way.
She doesn't understand that the Greece bailout will not aid development, but rather cushion the fall to the bottom.

And I don't think the sorrel was spiked.
SistaP seh dem breed a sintin pon de regula.