Jamaica Gleaner
Published: Wednesday | July 22, 2009
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Budget must change - Davies


DR OMAR Davies was the minister of finance when Jamaica ended its borrowing relation with the International Monetary Fund (IMF).

Yesterday, he was among the members of parliament present to digest the news that Jamaica is about to return to a borrowing relationship with the fund.

"I try not to have an emotional view of it," said Davies, who was minister of finance for 14 years until the People's National Party (PNP) lost state power in September 2007.

Describing the country's return to the IMF as a "significant policy shift", he said his most immediate concern was the announcement by the Government that it would need to suppress spending this fiscal year.

"What is clear is that the Budget that was announced in April is not credible and it has to be changed," Davies said.

"If you have to cut a Budget, there is no good way to do so, but the disorganised way to do it is to keep this fictitious budget out there," he added.

The opposition spokesman told The Gleaner that the PNP would be monitoring "very carefully" the proposed changes to the Budget.

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