Lorna Golding shows hubby, PM Bruce Golding, how to move to the groove as she works the stage in an uncharacteristically vibesy style during yesterday's JLP conference. - Norman Grindley/Chief Photographer

Prime Minister Bruce Golding yesterday gave the assurance that his administration would not renege on its debt-paying obligations, despite the snail's-pace crawl to a reinstated borrowing arrangement with the International Monetary Fund (IMF).

In an undramatic speech, devoid of the vigour and enthusiasm characteristic of presentations at mass political events, Golding told supporters he would not sully Jamaica's good name by backing away from honouring its debt.

The prime minister, who is also leader of the ruling Jamaica Labour Party, was quick to state that these were not normal times.

"The holders of government bonds are assured that our commitment to them is inviolable ... . We will continue to pay our debts and maintain our proud record," Golding told supporters.

The message of sobriety came in the aftermath of worrying reports from international rating agencies that the Government was likely to be faced with insurmountable obstacles in honouring its obligations.

Setting the stage

The stage was well set for the prime minister's arrival with the flowery use of political language by perennial public-session chairman, Desmond McKenzie, back in the political arena after illness, and the use of short presentations from other officials, interspersed with upbeat music.

Golding's presentation was contrastingly subdued.

In a brief presentation, the prime minister outlined, in general terms, a four-pronged approach being undertaken by the Government to tackle the financial problems bedevilling the country.

These include policy measures to support fiscal and debt-management programmes.

Golding declared at the outset that he would not cast blame, but suggested that Jamaica had over the years failed to save anything in reserve to bolster itself against the onslaught of the financial storm.

"We are not doing enough to earn enough and the little we earn is not being spent as wisely as it should be spent," Golding asserted.

This, he said, had left administrations with no choice but to keep borrowing, with little means to repay loans.

He reverted to a pre-election slogan in which he had declared that he was the 'Driver', but said the 'Vehicle' was run to a wreck by the previous People's National Party administration.

"There is no alternative to borrow from the International Monetary Fund. But to do that, the IMF is ensuring that we correct the mistakes of the past.

However, he iterated the oft-repeated warning that the path to recovery would be rough, and called for Jamaicans to be prepared.

"It is not going to be easy ... . There is no anaesthetic that can put the country to sleep while we fix what needs to be fixed."

Stressing that the Government projected it would lose $16 billion in revenue as a result of job losses, the prime minister said he would, in the new year, be outlining changes to the revenue-collection regime.

Golding also referenced a $19-billion water-supply programme to come on stream, plans to build 10,000 housing solutions, measures for a new financing arrangements for a major road-improvement programme and the Caymanas investment initiative, set to start in 2010.

gary.spaulding@gleanerjm.com