Both Political parties since our independence with the exception of the period of the Michael Manley government, Jamaica has been expose to the constant deepening of our national debt. We are now owing over 1.7 Trillion dollars with seventy five percent owed to private Jamaican interests. The main stream media in Jamaica refuse to expose the selfish behavior of the private sector by not showing their complicity with both political entities in this massive economic crime. They benefited from the economic policies of both the Jamaica labor Party and the Peoples National Party. The JDX initiated under the Bruce Golding Stewardship saw an agreement with the reduction of the rate from sixteen percent to eleven percent due to our inability to pay this monstrous debt. This arrangement had the blessing of our colonial master, the IMF and the Private Sector Organization of Jamaica.
This game of misleading our people must stop. The People National Party was elected under the pretense of renegotiating with the IMF but will be signing off on it with the blessing of the private sector organization of Jamaica. Majority of the funds money will be going to the private sector. The IMF policies are to freeze wages, reduce the public sector and to cut back on public services that benefit the poor and working class people.The result of this policies is the high cost of living,rampant crime,high unemployment and corruption.
What must be done is to freeze the interest payment on the private sector loan and refuse the demand of the IMF to cut back on social services. The interest save should then be use for infrastructure development, investment in agriculture and housing.