Economy Able to Withstand Some Shocks – PM

  • Jamaica’s economy has improved its ability to respond to shocks over the last decade, says Prime Minister (PM) the Most Hon. Andrew Holness.
  • “Jamaica has changed quite a bit in the last decade to the point where we can withstand some shocks. It’s not every shock that we will be able to withstand, but if we continue to grow our economy and run our public bodies well so that they have strong balance sheets, then they will be able to respond to shocks and crises,” PM Holness said.
  • The PM addressed a meeting at the Ocho Rios Cruise Terminal in St. Ann on Friday (June 21). During his visit, PM Holness inspected a section of the pier that had recently sustained damage. In February, the cruise ship Carnival Magic collided with the pier, causing damage to the breasting dolphins and concrete berthing structure due to rough seas.
  • “If this had occurred 10 years ago, the conversation would not be ‘when are we going to finish’, but ‘when are we going to start,’ and I need to remind Jamaicans of this. If this had happened 10 years ago, the question would not be ‘how much is it going to cost’, but ‘how are we going to borrow to fix it’,” he pointed out.
  • PM Holness said the Port Authority of Jamaica (PAJ) has the responsibility to ensure Jamaica’s resilience in the cruise shipping market, particularly regarding the readiness of its port infrastructure. “The PAJ is one of our well-run public institutions, meaning it has a balance sheet that can support the cost of resilience. PM Holness stated that the importance of having a good economy or running a good entity “is what gives you the ability to withstand shocks,”.
  • PM Holness also noted that consultants conducted all the necessary tests to advise on the engineering needed to do the repairs. He urged individuals reliant on cruise shipping in the town to understand that there is a process to ensure that when the infrastructure is rebuilt, it can withstand future crises. He emphasized that the damage to the structure provided an opportunity to re-engineer, re-craft, and expand what exists.

(Source: JIS)