Full Video: The Cost of Corruption... Jamaica's Barrier to Prosperity

[RichD]

How much of a role does it play?



Where is the siphoned monies being kept?
Do you really believe this could happened without the tacit approval of the lending organizations?

ok let me ask you something ..can you tel lme how much of the Jamaican debt is owed the these institutions? how much does Jamaica owe the IMF?

under the PNP administration from 1989-2007 they got the vast majority their financing form the bond market...no strings

The JLP went back tot he fund an borrowed to pay off some of these bonds

if you check the standing n 2006 you will see Jamaica owed almost nothing to the IMF

[franksterr]

ok let me ask you something ..can you tel lme how much of the Jamaican debt is owed the these institutions? how much does Jamaica owe the IMF?

I am refering to the tradition of corruption that Mr Monroe was relating, which have to do with the past Governments borrowing habits, by the time of PJ, The PNP learned from Manley experience with these institutions - the damage was done.
Jamaica owes about $ 18 billion

under the PNP administration from 1989-2007 they got the vast majority their financing form the bond market...no strings

Aren't bonds loans?
Who is buying the vast majority of those bonds?

[Peasie]

In the documentary, Mr. Monroe was very careful to note - several times, in fact - that both major parties in Jamaica were guilty of corruption.

Also, Jamaica's debt is, according to the documentary, $1.7 trillion.

[RichD]

I am refering to the tradition of corruption that Mr Monroe was relating, which have to do with the past Governments borrowing habits, by the time of PJ, The PNP learned from Manley experience with these institutions - the damage was done.
Jamaica owes about $ 18 billion



Aren't bonds loans?
Who is buying the vast majority of those bonds?

about 50% of the current debt is held by private Jamaican citizens and local institutions

of the external portion of the debt much of it is large investment funds. when bonds are floated on the international market nobody is asking what they plan to do with the money. the money is not earmarked for specific projects

[RichD]

In the documentary, Mr. Monroe was very careful to note - several times, in fact - that both major parties in Jamaica were guilty of corruption.

Also, Jamaica's debt is, according to the documentary, $1.7 trillion.

yes both parties were guilty..but since the PNP was in leadership for most of the past 25 years theyhave eaten the most food

that is Jamaican dollars ~= 18.5 Billion US

[Peasie]

It is interesting that you ask that question as I remember having a discussion with another Jamaican about this a while back who theorized that the corruption has roots in the slave trade when other slaves were bribed by masters to report on their colleagues. They then compared it to big companies with kick-back to get contracts in third world countries and some countries paying government officials to spy in their own countries. Bottom line is he were blaming the "outsiders".

Though there may be some truth in this, it is an old and tired argument which, IMHO, detracts from the blatant issue that stands in the way of Jamaica's barrier to prosperity. Present day corruption in Jamaica according to the documentary, is about opportunity to take and use money to advance one's own interest and not being held accountable .

[RichD]

I am refering to the tradition of corruption that Mr Monroe was relating, which have to do with the past Governments borrowing habits, by the time of PJ, The PNP learned from Manley experience with these institutions - the damage was done.
Jamaica owes about $ 18 billion

do you know what portion of that debt is tot he world bank and to the IMF?


have you ever look at the impact of the high interest rate policy the gov implemented from the early 90's to 2007?

the damage was not irreversible in 1989

[RichD]

Present day corruption in Jamaica according to the documentary, is about opportunity to take and use money to advance one's own interest and not being held accountable .

that is the key ..too much hiding behind is IMF faullt.

form 1996 - 2010 Jamaica did not go to the IMF. during that time they borrowed Billions with little to show for it.

[franksterr]

about 50% of the current debt is held by private Jamaican citizens and local institutions

of the external portion of the debt much of it is large investment funds. when bonds are floated on the international market nobody is asking what they plan to do with the money. the money is not earmarked for specific projects

50% is a whole lot

For these bonds to be successful, they need a good credit rating which to a great extent dependence on Jamaica's relationship with the IMF and World bank.

[franksterr]

Though there may be some truth in this, it is an old and tired argument which, IMHO, detracts from the blatant issue that stands in the way of Jamaica's barrier to prosperity. Present day corruption in Jamaica according to the documentary, is about opportunity to take and use money to advance one's own interest and not being held accountable .

True ACCOUNTABILITY is Key, what is equally important is where is those siphoned MONIES?

[RichD]

50% is a whole lot

For these bonds to be successful, they need a good credit rating which to a great extent dependence on Jamaica's relationship with the IMF and World bank.

have you looked a their credit rating?

they have substituted high interest rates for good credit. many things can be overlooked at 19%( although they have been able to go lower now...11%)

[RichD]

, what is equally important is where is those siphoned MONIES?

you saw that house i posted?

[franksterr]

that is the key ..too much hiding behind is IMF faullt.

form 1996 - 2010 Jamaica did not go to the IMF. during that time they borrowed Billions with little to show for it.

We Borrowed $18 billion US from the IMF.....debt repayment is what is killing Jamaica.
How much did we borrwed from your sources....anything near that?

[franksterr]

you saw that house i posted?

No I did not.....what are you saying that the 18 billion was spent on houses???

[RichD]

We Borrowed $18 billion US from the IMF.....debt repayment is what is killing Jamaica.
How much did we borrwed from your sources....anything near that?

nonsense


currently Jamaica owes the IMF Just over $500M US

they fully repaid the money borrowed under manley/seaga in the 90's and did not go back until 2010