Public confidence in the PNP as well as Manley's per.
#JAMAICA PRIME MINISTER MICHAEL MANLEY IMF HOW TO#
Impression that Seaga, despite his highly unpopular aus- terity policies, at least "knew better how to manage." PNP efforts to meet lenders' terms left many with the
Seaga policies, worked out in cooperation with the IMFĪnd World Bank, hurt Jamaicans badly among all but the Holding real food prices at or below their 1985 level. Party (JLP) leader Edward Seaga had resisted foreignĬreditors' demands for subsidy cuts and price increases, Outcries of anger and despair, not just from the right. The devaluation and price hikes created immediate Newspaper The Daily Gleaner calculated that a workerĮarning the standard minimum weekly wage of $18, afterīuying a minimal food basket for a family of four barelyĮnough to last a few days would be left with only $5 toĬover school costs, transportation, rent, utility bills, and Would stop buying salted codfish, an important protein source and essential ingredient in Jamaica's most famous national dish, sal'fish and ackee. The government's importing agency announced that it Meal, rice, and other staples by amounts averaging 13%. That agreement called for, among other things, a 10% Soldiers patrol Kingston during last year's election campaign: Michael Manley inherited a $2 billion foreign debtĮdward Seaga, had agreed to the previous September. Legal maximum for bread, cooking oil, milk, flour, corn. Ued the Jamaica dollar and reduced food price subsidiesĭesigned to protect the poor. In the first week of November, the government deval. Spokesperson, would be "severe social dislocation." Not be released and other sources of credit would be hard Without an IMF agreement, World Bank loan funds would Plan further economic sacrifices to placate the Fund Ment on easier terms, the Fund was not in a lenient mood.ĭuring October, Bank of Jamaica officials scrambled to Only able to withdraw one-fourth of that before it nearlyįailed an IMF "test" in September.' Although the gov-Įrnment pleaded for a continuation of the original agree. The negotiations resulted in May in a new IMF stand-īy loan agreement for $65 million, though Jamaica was Reduce its ability to purchase imports, and ensure contin. Were intended to improve the country's balance sheet, Tion), interest rate hikes, credit constriction, and further Limit on wage increases (despite anticipated 15% infla. To replace one for $106 million that his predecessor,Įdward Seaga, had agreed to the previous September. With the International Monetary Fund for a stand-by loan The trumpetsįor three months after Manley's re-election on Febru-Īry 9 of last year, he was locked in intense negotiations But the government of the "new Mi-Ĭhael Manley" had little reason to object. Government, led by the once-charismatic social democrat, If not an expulsion order, by the People's National Party Tion by the chief emissary of the United States or anyįoreign country would have been met with strong protest, His stated mission was, for onceĪnd for all, "to silence the trumpets of socialism" in
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