Press Release from Opposition Spokesperson on Finance, Planning and the Public Service - 20241030:
MP Julian Robinson - Opposition Spokesperson on Finance, Planning and the Public Service Kingston, Jamaica, October 30, 2024: Yesterday in Parliament, Prime Minister Andrew Holness made a false statement by claiming that the country’s debt-to-GDP ratio was 145% when he took office. I must correct this: in fact, the debt-to-GDP ratio stood at 115% when the People’s National Party (PNP) left office in 2016, after a period of careful fiscal management.
In 2012, the PNP inherited a challenging economic situation with the debt-to-GDP ratio at 145%. By 2016, through determined efforts, we had reduced this to 115%, achieving a substantial improvement that averaged an annual reduction of 7.5%.
It is fallacious for the Prime Minister to suggest that his administration alone achieved the current debt levels by implying they began their tenure at 145%. In reality, the debt-to-GDP ratio in 2007, when the Jamaica Labour Party (JLP) took office, was 107%, and during their administration, it rose to 145%. The PNP then undertook a significant recovery, bringing it down by 30 percentage points in four years to 115% in 2016.
Jamaicans deserve transparency, particularly in areas that impact their economic future. It is essential and important to present the truth to Jamaicans and fact check the Prime Minister. As we await the appointment of a new Finance Minister, I urge the Prime Minister to provide truthful representations on national finance to foster informed public discourse
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