PRIME MINISTER Bruce Golding has jumped to the defence of his finance and public service minister, Audley Shaw.

In a pointed jab at Dr Omar Davies, the former minister of finance and planning, the prime minister has declared that Shaw is doing a good job of managing the economy, despite not having a doctorate.

"He has been able to steady this vessel going through some heavy, torrid and raging waters. The boat has rocked sometimes, the bow has lifted sometimes ... but I say this about him, he succeeded somebody who managed to capsize the boat even in calm waters," Golding quipped to thunderous applause.

Formation of finsac

Golding pointed to the present world economic recession, which is impacting the island, and compared it to Jamaica's financial crisis in the 1990s and the subsequent creation of the Financial Sector Adjustment Company (FINSAC).