Excerpt from Jamaica Observer column published Monday, 15 March 20221
By Jean Lowrie-Chin
Dr. Nigel Clarke’s presentation in the 2021-22 national budget debate was reassuring. We could sense the minister’s enthusiasm as he described the digital currency which is expected to be launched by the Bank of Jamaica next year and should be a boon for micro-businesses.
On the Economic Programme Oversight Committee (EPOC) social media pages we can see the steps being taken to safeguard our economic stability.
The Bank of Jamaica (BOJ) (Amendment) Act takes effect next month so that the BOJ will be an independent central bank, accountable to Parliament.
Legislation has been passed to establish an Independent Fiscal Commission and for microcredit businesses — those which offer same-day, payday loans, etc.
We welcome the news that the elderly will receive a modest pension, as only 28 per cent of Jamaicans qualify for National Insurance Scheme (NIS) pension. Let me pause here to beg employers of household workers to assist them in registering with the NIS. The benefits have improved over the years and will be of real assistance to them after they retire.
Minister Clarke also announced that applicants to the Students’ Loan Bureau (SLB) will be required to obtain only one guarantor. He noted that the interest rate had been lowered to four per cent and, “We are also forgiving portions of loans for persons working for registered charities.”
As a member of the Peter Moses-led Consultative Monitoring Group (CMG) for private sector transformation under the Bruce Golding-led Administration, I am heartened that the long-discussed shared corporate services will be implemented. This will include human resource management and communication technology.
The well-named Marcus Garvey Scholarship Programme will support the development of senior executives for the public sector. We make yet another call to mainstream the teachings of our first national hero into our school curricula. These promote dignity, confidence, self-reliance and entrepreneurship, so we would be creating a solid footing for future leaders in both the public and private sectors.
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