Davies Apologises for 90’s Economic Meltdown

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Former Fiance Minister, Dr. Omar Davies, says he’s sorry people suffered losses during the financial meltdown of the 1990s.

Dr. Davies served as Finance Minister from 1993 to 2007 when a number of Jamaican businesses were taken over by the Financial Sector Adjustment Company, FINSAC.

He’s also accused of implementing high interest rate policies during that time, causing many people to fall into bankruptcy.

Dr. Davies says the country was faced with what he calls the ‘real threat of hyper-inflation’ at that time.

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The 1990s financial meltdown resulted in the foreclosure of many Jamaican homes and businesses.

A FINSAC Commission was set up in 2008 to investigate the financial meltdown of the 1990s.

In addition to looking into the financial meltdown, the terms of reference included considering the appropriateness of the actions taken, reviewing the operations of FINSAC in relation to delinquent borrowers, and making recommendations on how to prevent a recurrence.

However, the sittings of the Commission ended in 2011 and no report has been furnished by the Commissioners.

Cabinet has now approved the reappointment of the FINSAC Commissioners, paving the way for the completion of the report from the Commission of Enquiry.

Minister of Finance, Audley Shaw, has said an allocation of approximately 36-million dollars has been made to undertake the task.

He’s said the Commissioners will have seven months to complete the report.

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Stevian Simmonds is an investigative journalist with almost 3 years of experience in radio broadcasting, production and reporting. She graduated from Caribbean School of Media and Communication in 2014 and joined Nationwide News in 2016. In 2018, she produced a special report examining the working conditions of the Bussiness Process Outsourcing Industry. She worked undercover as a call center agent for a month, revealing the lack of data protection and general security infrastructure in the industry. Her report also highlighted the poor working conditions and remuneration faced by workers in the industry. In 2018, Stevian traveled to New Delhi India where she participated in the Inaugural WHO Partners Forum benefiting from critical training related to reporting on women’s and children’s health issues.


4 thoughts on “Davies Apologises for 90’s Economic Meltdown

  1. Millie G

    When is an apology NOT an apology? When Omar Davies apologises for ruining the country under his watch

  2. Joanne Simpson

    Why are the commissioners being paid to deliver the findings of the enquiry? Are you saying there were no deliverables factored into their contract? That seems unlikely. They have not delivered. They should therefore not be entitled to additional funds.
    I hope there is some point to having an enquiry and a report, meaning solutions ought to be part of the ultimate goals. No help has been forthcoming to those affected. So much blood and tears associated with this Finsac debacle, which seem to have fallen on deaf ears.
    In the meantime, the entrepreneurs, the engine of growth, are still under siege.

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