Finance Minister Audley Shaw says the Government intends to have the Economic Programme Oversight Committee, EPOC, oversee the new IMF agreement.
Minister Shaw says the current Co-Chairman of EPOC, Richard Byles, has indicated that he wishes not to continue in the new dispensation.
He says Mr. Byles’s contribution to the Committee is commendable.
Mr. Shaw says the government is now courting a new Chairman for EPOC. He’s the Group Chief Executive Officer of JMMB, Keith Duncan.
The Finance Minister says the structure and effectiveness of EPOC will be reviewed.
In the meantime, the Finance Minister is seeking to allay fears of massive job cuts in light of the proposed public sector reform programme.
In the Government Memorandum of Economic and Financial Policies, MEFP, published this week, the IMF says the first stage of jobs cuts is to begin next August. But Mr. Shaw says a number of public sector workers are seeking early retirement.
He says others have identified other sources of employment in the private sector.