I am pleased to report that last week in Jamaica, the IMF`s Interim Committee reached agreement on a comprehensive reform of the international monetary system.2 As a result of the interim Committee`s work, there was little interest in the subsequent meeting of the Development Committee in Jamaica4 – essentially the same ministers focused on the problems of developing countries. It was agreed that the financial problems of developing countries remain serious, although less difficult in 1976 than in 1975. There was general agreement that the establishment of the Trust Fund and the expansion of access to IMF resources, as agreed in the Interim Committee, were important steps in supporting developing countries. As we have not yet received funding for the first of our four annual contributions to the fourth replenishment of the International Development Organization, we have not been able to agree on positive statements on contributions to IDA Five on which negotiations have begun. Nevertheless, the government`s social policies were popular with voters and ensured the victory of Manley and the PNP in the 1976 elections. To deal with the oil shocks of the 1970s, the regime signed an agreement with Venezuela and Mexico to obtain oil at preferential prices. But deteriorating social and economic conditions, rising political violence, and deteriorating relations with the United States led to Manley`s defeat in the 1980 elections by the WFP led by Edward Seaga. With the intention of achieving reconciliation with the United States, Seaga severed relations with Cuba. The reaction of US President Ronald Reagan`s administration to Seaga`s anti-communist policy has been positive; Jamaica has become one of the main recipients of U.S.
aid to the Caribbean and has also benefited from Reagan`s Caribbean Basin Initiative, a regional stimulus package. In October 1983, Seaga sent troops to support a US-Caribbean military initiative aimed at overthrowing the left-wing regime in Grenada. The move temporarily lifted the popularity of seaga`s regime, which had declined in the face of an international recession, and Seaga called for early elections in December. The PNP boycotted the elections due to a disagreement over electoral procedures, and all seats in the House of Representatives as well as the Prime Minister`s Office went to the JLP. Austerity measures imposed by the restructuring demands of the World Bank and the IMF triggered unrest and a general strike in 1985. Despite the continued growth of tourism and the more optimistic trends in the international economy after 1986, the WFP lost the February 1989 elections to the PNP, and Manley was re-elected Prime Minister. The amendment of the IMF`s Articles of Agreement and the increase in IMF quotas must be approved by Congress. Following the final technical review by the IMF Executive Board, the entire package is expected to be submitted to Congress in mid-April.
While some lawmakers have expressed some concerns about some aspects of the gold deal, I expect Congress to support the package as a whole. We have kept Congress closely informed of the negotiation of the agreement and will work closely with key members and committees to prepare for the formal presentation of the legislation. In 1972, the PNP won its first major electoral victory since independence and elected Michael Manley, the charismatic son of Norman Manley, as Prime Minister. Manley reaffirmed the PNP`s democratic-socialist ideological foundations through efforts to improve literacy, access to higher education and home ownership, and removed laws that discriminate against women and children born out of wedlock. Contrary to the policies of the WFP prime ministers who had preceded him, he improved relations with socialist and communist countries such as Cuba, China, and the Soviet Union; supported anti-colonial rebellions in southern Africa; and deepening relations with the Non-Aligned Movement. It also levied a tax on bauxite. Attacks on Manley`s policy as a “communist” were accompanied by violence, which led to the declaration of a state of emergency in 1976. The PNP`s 18-year regime ended with the WFP`s narrow victory in the 2007 general election, and Bruce Golding replaced Simpson Miller as prime minister. The De Golding government (2007-2011) coincided with another international economic recession. The government struck a new deal with the IMF, sold struggling state-owned sugar cane plantations to a Chinese company, and sold air Jamaica to Trinidad and Tobago, which was economically unprofitable.
Meanwhile, Russian investors have made a significant financial commitment in the bauxite industry. Systematic efforts have also been made to develop agriculture. In addition, the port of Falmouth has been deepened to attract the largest cruise ships and was opened to them in 2011. Manley pursued a more conservative policy during his second term. He worked closely with the IMF, deregulating the financial sector and making the Jamaican dollar public. He retired in March 1992 and was replaced by P.J. Patterson, who stabilized the economy through austerity measures. In the 1990s, the PNP retained its power, in part because the JLP split in 1995 (and formed a third party, the National Democratic Movement). The beginning of the withdrawal of gang leaders from political parties and the creation of the electoral commission contributed significantly to a decrease in political violence.
The Cold War greatly influenced Jamaica`s relations with the United States, which was Jamaica`s main trading partner and the largest investor in bauxite and tourism. Britain continued to provide a protected market for sugar and banana exports. Jamaica established a formal relationship with communist Cuba, but it remained cold. In June 1969, Jamaica became the 24th. Member of the Organization of American States. In the same year, he also joined the Non-Aligned Movement, forging closer relations with a number of African countries and supporting anti-apartheid initiatives. It was also agreed to temporarily increase quota limits for access to IMF current resources by 45 percent. Although support for this expansion will come mainly from developing countries, it will be accessible to all members. We believe that this will fall within the imf`s financial capacity on a purely temporary basis. Following the quota increases referred to in point 3, this increase in access to fund credit shall cease. On 6 August 1962, Jamaica became independent with the status of a full dominion within the Commonwealth, under a constitution that retained the British monarch as head of state. Bustamante has taken over the title of Prime Minister.
The following year, Jamaica joined the International Monetary Fund (IMF). Bustamante was replaced in February 1967 by Donald Sangster, who died about a month after leading the JLP to victory in the elections. Hugh Lawson Shearer, a protégé of Bustamante, succeeded Sangster and served from 1967 to 1972. The WFP won the February 25, 2016 elections and Holness was sworn in for his second term in early March. In August, at the 2016 Olympic Games in Rio de Janeiro, Jamaica`s most famous sporting figure and the greatest sprinter in Olympic history, Usain Bolt, won the gold medal in the 100 metres and 200 metres, becoming the first man to win both races at three consecutive Olympic Games. Investment in tourism, bauxite and capital-intensive light industry has boosted economic growth; However, the expanding economy has not been able to absorb the growing workforce. Bulldozers from squatter communities in west Kingston and the recruitment of downtown elements (including criminal elements) by both political parties to wage their political wars have increased discontent and violence in urban communities. In 1967, the government declared a state of emergency in West Kingston. To meet the IMF`s increased demand for resources, it was agreed that all members would make their currency usable for the IMF within six months in order to end a situation in which some countries in positions of strength (including some OPEC members) could avoid providing their share of IMF loans. As of January 2006, Jamaica was part of the Caribbean single market and economy established by the 1973 revisions to the Treaty of Chaguaramas. The treaty that led to the creation of CARICOM was revised in 2002 in order to remove obstacles to free trade and the free movement of capital and people in the region.
On the basis of the agreements reached at previous meetings in August3 and at the Rambouillet Summit, we concluded multiannual negotiations [page 458] and presented the first comprehensive review of our international monetary arrangements since the Bretton Woods Conference of 1944. As a result, we will now have a flexible monetary system that can adapt to changing international circumstances and avoid the tensions and tensions of the 60s that led to an uncompetitive US economy and finally to a collapse of the system in August 1971. Finally, I would like to add that the close working relations we have developed with the French have proved to be the decisive element in reaching agreements on the international monetary system. I guess I will continue to try to work closely with them in the future. From 1962 to 1972, there were important developments in infrastructure and in technical, vocational and teacher training. Cultural policy has promoted Jamaica`s cultural heritage. In 1964, Marcus Garvey was officially declared a National Hero, followed by George William Gordon and Paul Bogle in 1965. .