Jamaican Till I Die!

Even before the 2008 recession Jamaica struggled to finance it oil imports bill. During 2008 recession oil prices peaked at US$147 per barrel and if it was not for the PetroCaribe Agreement Jamaica would have suffered more than we did. The PetroCaribe agreement allowed Jamaica to buy crude oil from Venezuela by paying only a part of the cost upfront. The PetroCaribe agreement allowed Jamaica to pay 50% down payment for oil shipments and the other 50% paid back over 25 years at 1% interest rate. This deferred 50% was invested directly into the PetroCaribe Development Fund thus converting sovereign debt into a receivable asset used for Infrastructure development. The fund is the largest domestic investor in renewable energy and independently financed a 45-megawatt wind energy project in south-central Jamaica. Written into the PetroCaribe agreement is an objective that member states should gradually reduce their dependence on fossil fuels. Since 2005, the amount of Venezuel...

The 2008 Global Recession In 2008, The International Monetary Fund stated that the drying up of global credit after the collapse of Lehman Brothers and the ensuing Global recession would lead to serious concerns for Jamaica’s economic prospect and the sustainability. They declared that the country’s 1.5 trillion debt would put pressure on the country’s economy and exchange rates. However the then Minister of Finance the Honorable Audley Shaw dismissed the IMF concerns and declared that the Global financial crisis would not have any impact on the Jamaican economy. In fact the Minister of Finance the Honorable Audley Shaw stated that the Global recession would be opportunistic for Jamaica. He declared that, as a result of the recession, the Jamaican economy will grow +2.0% to +3.0% in the next fiscal year, as he moved to downplay concerns of the effects of a global economic slowdown. And in particular, any effects the looming recession in the United States will have on the Jamai...

Like most Jamaicans I am happy that the President of the United States decided to visit Jamaica. President Obama is a US President that I support and respect on many levels. First he is a member of the Democratic party and I support the Democratic Party, because there is no way on this green earth I could support a party like the Republican party, with all those crazy lunatics within it. Second he is the first Black President in United States history and looking at the USA racial history one has no choice but to respect him on this great historic achievement. However unlike most, I am not blinded by his blackness, my support for President Obama is not 100% blind support. No one on the face of this planet, alive or dead gets 100% blind, fanatic like support from me because I must remain objective. The fact is there are some things the President does that I am in agreement with and there are others that I am not in agreement with and as such I could not live with myself if I did ...