PNP President Dr. Peter Phillips argues that after years of stagnation, Jamaica’s economic turnaround is steered in the right direction, thanks to the work of the People’s National Party (PNP).
In a post on Facebook on Tuesday, November 27, Dr. Phillips contended that the country’s economy hung on by a thread after the PNP returned to power in 2012 – following the Jamaica Labour Party (JLP) failed consecutive tests under a stand-by agreement with the International Monetary Fund (IMF).
“On the brink of collapse, that’s where the new Government of the People’s National Party found the Jamaica economy when it took office in January 2012, after 4 years of the JLP,” Phillips remarked.
“Jamaica had failed all tests under the Stand-by Agreement with the International Monetary Fund,” Phillips noted, adding that the very name of Jamaica was a “pariah within multi-lateral and bi-lateral funding sources”.
In his capacity as Minister of Finance at the time, Phillips said that his administration immediately set to work on the budget to rescue the country, a task which he argued may have seemed insurmountable.
“[The budget] was due in less than three months as well as to create the conditions necessary to get the IMF to resume the failed Standby Agreement, which the JLP had already raided to the tune of $1.5 Billion US dollars,” Phillips’ post further claimed.
A chart accompanying the PNP President’s post shows the progression of net foreign direct investment into Jamaica between 2007 and 2017, as well as a significant increase for the 2012-2016 period of the PNP’s reign as government.
In recent weeks, after several improvements in Jamaica’s credit rating and macroeconomic projections of further growth in the coming years, both parties have been bullish in claiming the island’s gains as their own; and the PNP deems that precedent rules in its favour.
“Lest we forget. The PNP transformed the Jamaican economy & moved it in the right direction,” a post from Phillips on Monday wrote.