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The attempt has been made by the Opposition to characterize the Government as being hostile to the private sector. To quote the Leader of the Opposition "slowly the private sector is no longer being regarded as the powerful engine of growth. It is being marginalized as a minor partner and abused as an errant child. The scathing attack levied by the Minister of Finance on' managers of the failed financial entities is not without justification. Look who is talking!" Look who is talking! This is the person who described the relationship of this Government with the private sector in a most vulgar way, leading to the need for him to apologize to the women of this country for the parallel he drew. Our performance is, therefore, an objective one to analyze. Consider our support for the sugar industry, helping it to rebuild and to meet future challenges. Is this the action of a hostile Government? Consider the support for the coffee and citrus industries. Is this the action of a hostile Government? Consider the support for Air Jamaica. Is this the action of a hostile Government? Consider the reduction in the interest rates of the development banks and of EX-IM which translates into additional fiscal burden. Is this the action of a hostile Government? Is this the action of a Government which wishes to marginalize the private sector? Whilst we accept the fact that the private sector must be the engine for expansion in the economy and growth, it cannot be that we will avoid the need for greater efficiency. We cannot accept that people who refuse to keep records should be supported ad infinitum on the basis that they articulated a need. Apart from the fact that resources are limited, the more critical fact is that whilst we can provide them with subsidies, we cannot protect them against competition either at home or in the external markets. The Opposition is doing the country no good in trying to pretend that the problems of the different sectors are all related to high interest rates. The Opposition is doing the country no good in pretending that the problems in the financial sector are all due to Government action. I need the help of the Opposition. We could drastically reduce the burden of the bail out if we could convince everyone who has contributed to this massive national problem by borrowing and refusing to pay, to begin making a small contribution to the recovery process. It would help all of us to reduce FINSAC debt servicing obligations and it would free the Ministry of Finance from any contingent liability which may arise in case FINSAC is unable to meet them on its own. || Previous | Table of Contents | Next ||
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