Fisher

INTERNATIONAL FINANCIAL analyst Gregory Fisher has expressed confidence in the ability of the political leadership to implement radical changes to save Jamaica from falling into an abyss.

"I think the prime minister gets it, I think the minister of finance gets it," Fisher, managing director of Oppenheimer, told The Gleaner.

Oppenheimer is a leading investment bank and full-service investment firm based in the United States.

Fisher said that based on the signals he has been receiving from Jamaica's leaders, he is convinced they understand what is required to transform the economy.

"I think they are prepared to do what is necessary to ensure that Jamaica goes back to the days when it was flourishing. It is a tough, tough road ahead," Fisher said.

His comments came Friday as a team from the International Monetary Fund (IMF) wrapped up discussions with the Government and headed back to Washington.

A Jamaican team is expected to travel to the US this week to continue talks with the IMF.

Jamaica is seeking US$1.2 billion in a standby loan arrangement with the IMF.

Tough criticism

Prime Minister Bruce Golding and Finance Minister Audley Shaw have been harshly criticised for their fiscal policies.

Last week, Dr Omar Davies, opposition spokesman on finance, said the Government has not handled the economy well.

"It is clear that the Government is very, very shaky on the issues of the economy and I think that there is a deliberate policy of targeting me in the hope that by weakening me, they would weaken the criticism," Davies told The Gleaner last Tuesday.

Last week, Fisher said a lot of decisions Jamaica should have made to secure its future have been put off by successive administrations.

"It is going to be painful. There will be pain for everybody. It is not going to be something that is not going to be without pain," Fisher added.

But the Oppenheimer boss said the odds are not insurmountable.

"I have known Jamaicans for a long while and they are a truly resilient people. They also seem to do their best work when their backs are against the wall. This is going to be the ultimate task; this is going to be a test that they have never seen before, but I would not be betting against Jamaica," Fisher said.

daraine.luton@gleanerjm.com