A release from the Private Sector Organisation of Jamaica (PSOJ) said the group, dubbed the Council of Presidents, met on Tuesday to discuss some of the critical issues affecting the Jamaican economy, in the wake of the global economic crisis.

This was the first time, in many years, that the association presidents, representing the key sectoral interests in the business community, were meeting, hosted by Sagicor Life Jamaica at its New Kingston headquarters.

Wide-ranging discussions

The presidents, determined to use the current crisis as an opportunity to develop medium to long-term solutions that would put Jamaica's economy back on a growth path, had wide-ranging discussions, headlined by the current monetary policies being implemented by the Bank of Jamaica as well as the Government's fiscal programme.

"The group urged the Government not to take the usual approach of making surprise announcements about the upcoming budget and particularly, the much-anticipated tax reform programme, but instead urged a dialogue with the private sector as a partner, as businesses struggle to cope with the downturn in the economy," stated the release.

The presidents strongly supported the partnership for transformation dialogue, which is currently under way, involving Government, the Opposition, the private sectors, unions and civil society as a vehicle for meaningful dialogue that could help the country ride out the crisis and come out stronger at the end.

A release from the Private Sector Organisation of Jamaica said the group, dubbed the Council of Presidents, met on Tuesday to discuss some of the critical issues affecting the Jamaican economy, in the wake of the global economic crisis.