PIOJ Growth-Inducement Strategy - Planning Institute of Jamaica
PIOJ Growth-Inducement Strategy - Planning Institute of Jamaica
PIOJ Growth-Inducement Strategy - Planning Institute of Jamaica
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The Community Renewal Programme requires an expansion <strong>of</strong> budgetary<br />
expenditure for community clean-up, sanitation provision and upgrading,<br />
construction <strong>of</strong> multi-purpose facilities, among other things. Funding is<br />
available under on-going projects such as the CSJP and projects funded by<br />
the Caribbean Development Bank if fiscal space is provided. Discussions<br />
should be held with the Ministry <strong>of</strong> Finance to determine the amount <strong>of</strong><br />
additional space that could be accorded violence prevention and<br />
community development projects. The Ministry <strong>of</strong> National Security and<br />
JSIF would both play an important implementing role and would therefore<br />
require an expansion in their human resource capacity. In this regard,<br />
capacity within the Urban Development Corporation could also be<br />
harnessed.<br />
On-going projects which are aimed at fostering enterprise development<br />
should also be prioritized, e.g. the World Bank funded Rural Enterprise<br />
Development Initiative (REDI) which is implemented by JSIF.<br />
A new employment generation programme should be considered at the<br />
Community level financed by a mix <strong>of</strong> Constituency Development Fund<br />
resources and budgetary resources, to support small community based<br />
projects. These projects should be selected based on agreed criteria such as<br />
contribution to disaster risk reduction and environmental enhancement.<br />
3. Credit Bureau - Establishment <strong>of</strong> a credit bureau will facilitate and fast track<br />
access to capital as well as strengthen the credit administration capacity <strong>of</strong><br />
financial institutions.<br />
4. Expansion <strong>of</strong> ICT footprints in <strong>Jamaica</strong> deserves serious consideration. With a<br />
short start-up time, it could lead to a significant and regionally diverse job<br />
creation.<br />
5. Fast tracking <strong>of</strong> implementation <strong>of</strong> the Collateralization/Secured Transaction<br />
Legislation. This will translate into reduced interest rates, lower transaction costs<br />
and increased access to finance for the 35 per cent <strong>of</strong> businesses currently<br />
marginalised by the existing financial system.<br />
6. Modification <strong>of</strong> the current IMF Stand-by Agreement, so as to facilitate a longer<br />
period <strong>of</strong> transition to achieve budget balance, will give the country the fiscal<br />
space to implement most <strong>of</strong> the above projects, and thereby facilitate economic<br />
growth which is a crucial requirement for sustainability <strong>of</strong> the Fiscal<br />
Consolidation Programme.<br />
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