Jamaica is about to re-enter into a three year standby arrangement with the IMF for balance of payment support.
Man a Yard Audley Shaw, who previously has boasted that he can source cheap money, is now on his way to Washington with an entourage to seek US $1.2 billion. Make no bone a about it, details of this arrangement, if fully divulged,will be a bitter pill to swallow, despite apologists such as Eddie 'Reaganomist' Seaga's prognosis that the IMF has reformed and many of those PNP 'old left' such as Ralston Hyman, Dickie Crawford and Beverley Manley who have jumped on the band wagon and bringing up the rear is former WPJ vangaurd, revisionist, Don 'ketch him fraid' Robotham.The disciples of globalisation are bankrupt -bereft of ideas and surrender under the excuse that 'we have no choice' because 'there is no alternative'.
It is time that we all learn -the IMF is a two edged sword. We should not be fooled by their public relations maneuver that they have reformed. Neither should we be lulled into a false sense of complacency that we have any bargaining chip 'to negotiate the best terms'. I can bet the last dime in my pocket that the IMF will bring down another 'second slavery' on us. They will as bring down a litany of woes on the back of the Jamaica as they did to the Manley regime who entered into relationship with them in 1977 and Seaga who reentered in 1981:
(i)Reintroduce user fee in the health sector, increase bus fare ostensibly to make JUTC more viable, accelerate privatization, cut other social programmes such as education (university and secondary school fees under threat), child welfare and social safety net.
ii)Crime and violence will escalate and spiral out of proportion following massive layoff in the public, construction and transportation sectors; escalation of the cost of living due to a policy of successive devaluation and removal of price control.
iii) Continuation of wage freeze for another two years and effectively doing away with any possibility of an MOU3.
iv)Taking charge of and re crafting the National Budget to bring fiscal deficit under control.
v. Increasing GCT from 16.5-20% and reducing the exempt items.
We must learn from our experience. The IMF a dead end - cut a new road. My next missive will chart an alternative course.
