Quietly-spoken inflation killer Economists describe Jamaica’s successful IMF programme as an example for much of the highly indebted Caribbean. So when the Labour Party won the general election in February this year on an anti-austerity ticket, there were understandable gasps of worry in the market.
But those who take a close interest in Jamaica were not so concerned: at the core of the IMF programme’s success was EPOC (Economic Programme Oversight Committee), which central bank governor Brian Wynter co-chairs.
Wynter is a softly-spoken voice of calm who — although he does not like to take much credit for it — is considered one of the principal figures in ensuring the consensus that has seen Jamaica pass the 13th review of an IMF programme for the first time ever.
“Wynter has survived a change of government and made unpopular but necessary decisions that are resulting in an important new story being written for Jamaica,” says Melissa Marchand, Caribbean strategy advisor at Global News Matters. In terms of inflation, his recent record is exceptional — dipping from nearly 10% just two years ago to 1.8% in August, while managing a currency devaluation from JMD$85 per US dollar at the start of 2012 to JMD$127 to the dollar in September.
Published on Global Capital
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