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Lessons To Be Learnt From The Jamaican And Grendadian Experiences With Saps

1070 words - 5 pages

LESSONS TO BE LEARNT FROM THE JAMAINCAN AND GRENADIAN EXPERIENCES WITH SAPs

Efficient recommendations in addressing some of the macroeconomic issues in the Grenadian experience may not share a clear semblance of the economic prescriptions in Jamaica. Though faced with common BOP disequilibria, the countries differ in size, resource base and the cause of the crises.

Firstly, our attempt at recommendations does not in any way imply that all of the SAP requirements or internal policy failed. EC devaluation helped reduce inflation and improve foreign direct investment. Since the implementation of a series of initiatives by the government Medium Term economic Strategy, Grenada has been ...view middle of the document...

The IMF must conduct an economic sensitivity analysis in an attempt to identify effectiveness of their austerity programs and its relationship with the high probability both endogenous and exogenous shocks. As we saw in Grenada, the abysmal Ivan experience in 2004 and the rapid rate of tropical depression along the trajectory of the chain of Caribbean islands must not be overlooked. In contrast, the IMF must take into account the change in political regimes in Jamaica as the nature of these regimes may affect the achievements of these requirements and the utilisation of these stand-by arrangements. The effects of weather for agriculture and their special social and political conditions in Jamaica can be categorized as a vulnerability to its local market. The initial purpose of the IMF was the serving of short term financing to states that was in debt from the war. When Jamaica gained independence in 1962, they were in every kind of financial problem because they did not have the economic strength to survive on their own. In 1973, a convulsion was caused by the increase in world oil prices. Jamaica went to the private banking system to get money to pay overseas bills. However, long term development finances were prohibited and they only lent short term loans with stipulated rules and high interest rates. The IMF expected a devaluation of their JA currency, thus increasing the prices for the consumer. The consequence of this is that the Jamaican farmers began earning a loss because the consumers demanded the imported goods of higher quality at a cheaper price. The IMF and WB as well as the government instituted pressures on local farmers when these trade barriers were reduced and imports became freer. In our opinion, the Jamaican economy should consider their vulnerabilities and susceptibility before entering harsh conditions with these international aids since it can deter the wellbeing of their own local citizens.

According to Fischer (1997) two issues should be distinguished. The first is whether the programs supported by the IMF, if implemented, would stabilize the economy and promote economic growth. Our graphs illustrate that growth has fluctuated with a downward trend between the -4 % and 12% boundaries. There was no persistence. This suggests that the new tax measures namely the...

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