he IMF is upon us, despite complaints from segments of the intelligentsia, as it seems to be the only feasible option available to Jamaica. Complaints from several economists have revealed that they would rather the country make the necessary choices than go to the IMF, no matter how steep and deep the pain will be.
Economists are ignoring what politicians have to take into account when making any decision, the social implications. If economists were in total control of the country’s economy, there would be little human development. Their cries that Jamaica needs to make sacrifices are swimming in a sea of impracticality.
Jamaicans are already some of the highest taxed people in the world. The level of destitution resulting from years of bad policy initiatives and neglect, have left the country “wrecked.” Inflation has eaten away at the value of our salaries, our taxes have gone to waste and our pockets are sinking away into indebtedness. I shudder at the idea that on top of all of this, economists would fathom a thought of putting more pressure on the Jamaican people.
If the Government wanted to cast itself into exile, it would ask Jamaicans to now cut back on their rather “comfortable lifestyle.” Perhaps the “Golding led Government” should articulate that it will not borrow its way out of this mess, but instead ask us to cut back on our electricity consumption, our water consumption, cut back on the type of vehicles one drives or even cut back on the usage of all non-efficient vehicles (there goes the SUVs), cut back on all activities that require the use of petroleum. Would Audley Shaw be able to explain this to us without a fuss? Would he be prepared to drive an efficient Toyota Corolla? How would you explain this to the household who have always been on time with payments for their utility bills?
Indeed Jamaica is a like a family whose bread earners are now unemployed and even with that striking reality, this family is hell-bent on maintaining its lavish lifestyle. This analogy speaks volumes about our present situation. This family will weep relentlessly if it had to now take the bus or walk instead of driving gas guzzlers. The same is true if cell phones were to now become unavailable, or if there was to be a return to the use of tanks to obtain water.
Jamaica has an intrinsic flaw in its modus operandi, which allows for the country have consensus around one issue only, that of homosexuality. We are completely divided on issues of economic survival. No wonder then that the IMF is integral to our survival.
However, at the end of this dark tunnel there is always a shining light. The world economy will improve eventually, remittances from Jamaicans abroad will pick up and tourist will travel again. But Jamaica has some work to do.
Importation of Petroleum is our single biggest foreign exchange outflow. Can the country move towards solar energy? (How smart, this idea has been out there for the longest while now). All street lights must now operate via solar energy. All households, through Public-Private Sector partnership must recognize the importance of this move in financing a project to service households with solar panels. We have successfully tried E10 as a fuel alternative; it is now time to experiment with E20. Further, a policy regarding the types of vehicles to be imported should be revisited to include ‘gas efficiency”.
Although controversial, the marijuana policy needs re-examination on the grounds that it can assist in diversifying our markets that earn us foreign exchange. The creation of a marijuana lipstick can be marketed internationally. More importantly though, is the foundational discrepancy that the country faces.
Now that we have accepted that our present foreign exchange markets have failed, the country must bring efficiency to our manufacturing industries and develop innovative means of earning foreign exchange so we can pay for the things our family wants.
These measures are strategic but Jamaica needs to stop planning for the next election and look father down the road. We should use this difficult time for constructing a truly independent nation.
Lucean Creary is a KCOB and student at the University of the West Indies in the department of Social Sciences.
Jamaica has an intrinsic flaw in its modus operandi, which allows for the country have consensus around one issue only, that of homosexuality. We are completely divided on issues of economic survival. No wonder then that the IMF is integral to our survival.