08 SEPTEMBER 2011GO-JAMAICA
PAAC: Prevent IMF agreement collapse
Edited by : AL CIRCLE
2 min read
Public Administration and Appropriations Committee members have recommended that the finance ministry immediately move to prevent a collapse of Jamaica’s standby agreement with the International Monetary Fund (IMF).
The recommendation is contained in a report prepared for consideration by the PAAC after it examined the first supplementary estimates yesterday.
In the draft report, which is the subject of contention between the Government and opposition members on the Committee, the Parliamentarians say negotiations will have to be made with the various unions.
The committee also noted other impinging variables such as tax reform and pensions will have to be addressed.
The PAAC has been advised that there is a reassessment of the IMF Framework Agreement, being worked on by the finance ministry and the Bank of Jamaica, given the current global economy and the downturn in the bauxite industry.
In the draft report, it is being proposed that the committee recommends that in any re-cast of the budget, special consideration be given to protecting payments relating to pensioners and the payment of tax refunds.
The committee also expressed concern about the fact that the Jamaica Development Infrastructure Project (JDIP) remains largely off budget.
Government members have refused to sign off on the report and are currently locked in a meeting.
The recommendation is contained in a report prepared for consideration by the PAAC after it examined the first supplementary estimates yesterday.
In the draft report, which is the subject of contention between the Government and opposition members on the Committee, the Parliamentarians say negotiations will have to be made with the various unions.
The committee also noted other impinging variables such as tax reform and pensions will have to be addressed.
The PAAC has been advised that there is a reassessment of the IMF Framework Agreement, being worked on by the finance ministry and the Bank of Jamaica, given the current global economy and the downturn in the bauxite industry.
In the draft report, it is being proposed that the committee recommends that in any re-cast of the budget, special consideration be given to protecting payments relating to pensioners and the payment of tax refunds.
The committee also expressed concern about the fact that the Jamaica Development Infrastructure Project (JDIP) remains largely off budget.
Government members have refused to sign off on the report and are currently locked in a meeting.
Grow with
AL Circle
