King Backs PetroCaribe Debt Buyback

Head of the Department of Economics at the UWI, Mona, Dr. Damien King, is in agreement with analysts who say the Petrocaribe debt buy back deal is a good one.

Dr. King says he can understand why the government has been commended for securing the deal to buy back the debt.

He says persons must focus on how much the arrangement will cause the country to save in debt payments.

Dr. King says there’s no merit in the call by Opposition Spokesman on Investment and Commerce, Karl Samuda for the private sector to match the USD$500-million sitting in the Petrocaribe Development Fund, PDF.

Mr. Samuda says the private sector’s contribution could be lumped with the resources in the PDF to create a stimulus fund which could be used to create jobs and boost economic growth.

But according to Dr. King, it will take more than hard cash to return robust growth to the Jamaican economy.