Golding’s worried

Jamaica Prime Minister Bruce Golding has acknowledged that the world financial crisis will affect the Jamaican economy, saying that an immediate casualty will be the availability of foreign capital for budgetary financing.

Golding also said that a team of experts from the Bank of Jamaica, finance ministry, Financial Services Commission and the Planning Institute of Jamaica has been set up to monitor and analyse developments in the global financial markets daily ‘to determine the likely impact on Jamaica and to allow for timely and proactive policy intervention’.

‘The heavy reliance on the international capital markets for budgetary financing which we have built up over the past decade will be an immediate casualty as those markets have become sour,’ Golding told guests attending the Jamaica Manufacturers’ Association annual awards banquet at the Hilton Kingston Hotel.

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