(Go Jamaica) The Jamaica government has appealed for urgent international financial assistance in addressing the impact of the global financial crisis, stating that it lacks the resources to provide adequate response according to an article posted on CMC website.
Addressing the special United Nations summit on the issue, Deputy Prime Minister and Minister of Foreign Affairs and Financial Trade Kenneth Baugh said yesterday that because of the island’s vulnerability, it has been “most affected” by the downturn.
“Major export industries have recorded lower levels of output and exports due to a downturn in demand, resulting in increased unemployment, and major declines have also been recorded in remittance inflows,” he said.
At the same time, Baugh said access to financing on the international capital market has been “significantly restricted” for Jamaica and that there has been a slowdown in foreign direct investment.
“In short, the livelihood and development prospects of the majority of our population have already been affected,” he said, warning that there is a “strong possibility that, as the crisis evolves, the situation could worsen.”
The Foreign Affairs Minister said the crisis has also been having significant impact on the attainment of the UN Millennium Development Goals (MDGs), stating that it is becoming “increasingly clear” that Jamaica may not achieve some of the targets.
He said, in some areas, there is “real danger that progress already achieved could be reversed,” adding that this has been more evident in relation to the eradication of poverty, especially since the number of persons living below the poverty line has increased in Jamaica.
Baugh said while recent reports indicate that there may soon be signs of recovery in the global economy, Jamaica, like its Caribbean Community (CARICOM) counterparts, may, however, experience a lag in recovery because of its size and openness.
He said the Jamaican economy is not expected to show signs of recovery until roughly a year following the global recovery.
