Audley Shaw says government’s policy of devaluation is failing miserably

Opposition spokesman on Finance, Audley Shaw, says he intends to tell the Managing Director of the IMF, Christine Lagarde that the Jamaican government’s policy of devaluation is failing miserably.

Ms. Lagarde and her team arrive in the island later this week for meetings with government and other officials about Jamaica’s implementation of the four year Extended Fund Facility arrangement.

Mr. Shaw says the devaluation policy has proven to be ruinous to the local economy, despite the endorsement from the IMF in its recent Article Four Review of Jamaica.

He says due to the sliding dollar, exports are down 34-percent since 2012.

Mr. Shaw is also criticizing the government for what he says are policies designed to attack investment.

He says increases in the transfer tax and the planned restructuring of the General Consumption Tax are hostile actions taken by the PNP administration.

Mr. Shaw says if the IMF is indeed as pleased with Jamaica’s performance under the four year agreement as it says in its recent review, then it should assist the country to acquire low-interest loans from other multi-laterals.

Audley Shaw, Opposition Spokesman on Finance, speaking on Nationwide This Morning.