Latibeaudiere

Cabinet is today expected to be presented with details of the circumstances that led to the resignation of Bank of Jamaica Governor Derick Latibeaudiere.

A senior government official told The Gleaner that the matter will take centre stage at today's meeting.

The sudden departure of the central bank governor has generated widespread speculation about his ongoing disagreement with the Government on fiscal policy.

The Jamaica Chamber of Commerce (JCC) yesterday described as unfortunate, the failure of the Government to present to the nation a reason for the resignation.

With a team from the International Monetary Fund (IMF) currently in the island assessing the prospects of a US$1.2-billion standby agreement, mixed reactions have emerged about the former governor's tenure.

The JCC suggested that an explanation would have helped to reduce potentially distracting speculation at this critical juncture in the country's negotiations for a new IMF deal.

Suggestions of inflexibility

Latibeaudiere's detractors in the financial sector have suggested that he arrogantly treated the central bank as a fiefdom and was proving to be an albatross on the Government's shoulders because of his inflexibility.

His refusal to listen to the Government on the interest-rate issue has been cited as an example.

Latibeaudiere's supporters believe the Bruce Golding administration had been out to get him because he was no pushover.

The JCC yesterday underscored the need for Jamaica to remain squarely focused on a quick reorganisation of and support for the team leading the country's negotiations with the IMF.

"The successful and early conclusion of those negotiations is of critical importance to our nation and to every single Jamaican," the JCC asserted,

"Nothing must derail or further delay their conduct."

The JCC said it welcomed the prompt announcement of the appointment of Dr Wesley Hughes to lead the negotiating team as well as the appointment of Brian Wynter to succeed Latibeaudiere.

"Mr Wynter, despite his proven track record, will be assuming office in the midst of crisis .... He will, therefore, need the prayerful support of all Jamaicans," the JCC said.

gary.spaulding@gleanerjm.com