THE EDITOR, Sir:I WAS greatly disturbed after reading an article by Mr. Edward Seaga, in the Sunday Gleaner of January 11, 2004, regarding the financial status of the country. I agree with the Leader of the Opposition that it is time for a Magna Carta. The whole Magna Carta system challenges the supreme power of the Government by attempting to regulate their actions toward taxation and how they conduct the affairs of the country.
The Minister of Finance in his rebuttal a week ago, countered the argument about the financial status that Mr. Seaga mentioned. For example, Mr. Seaga claimed that in 1987/1988 the fiscal accounts showed a surplus; while in 1995/96 it became a deficit and has been in deficit over since except for one year 2000/2001. However, Mr. Omar Davies strongly disagreed and reported that Mr. Seaga presided over a regime which recorded a fiscal deficit every year from 1980-89.
My concern is that one politician is trying to paint a picture that everything is bright and beautiful while the other is trying to portray a country with a financial status of doom and gloom. Nevertheless, both articles display same common ground regarding gross domestic product as one of the contributing factors for our financial crisis. In addition, Mr. Seaga wrote about money being borrowed to purchase foreign exchange in order to build up the Net International Reserves. Suffice it to say, this also adds to the fiscal deficit. However, Dr. Davies does not see the link between the growth of the NIR as one of the main contributors to the fiscal deficit.
Since the financial status of the country is a big issue at the moment, I am encouraging the Leader of the Opposition, Mr. Seaga, and the Minister of Finance, Dr. Davies, to organise a public debate and allow the people of Jamaica to fire questions at them in order to ascertain the true picture of our economy.
In conclusion, I agree with Mr. Chris Tufton that the Government should accept responsibility for its actions and move forward to restore a process of governance that is transparent and accountable.
I am, etc.,
GRACE URQUHART
P.O. Box 1220, Kingston
