Opposition Leader Andrew Holness, says he’s not in support of calls by Prime Minister, Portia Simpson-Miller, for the country’s multilateral creditors to write off all the debt owed to them by Jamaica.
Speaking yesterday at a special session of the UN Security Council in New York, Mrs. Simpson Miller said it’s now time for the international community to give serious consideration to writing off the debt owed to multilateral lenders by small island developing states such as Jamaica.
Mr. Holness says it appears as if the Prime Minister has forgotten how the country’s stock of debt is structured.
He says Jamaicans must remember that most of the country’s debt is owed to local creditors.
On that basis, the Opposition Leader says a debt write off from the international community, would not have a significant impact at this time.
Mr. Holness says rather than waste time lobbying for a debt write off, the Simpson Miller administration should pursue more tangible ways of reducing the country’s debt.
He’s even put a suggestion on the table.
Mr. Holness says the challenge the Simpson Miller administration has so far failed to meet, is in growing the economy and reducing the country’s debts at the same time.
He says there are other ways in which the multilateral owners of debt can assist small island developing states.