UNDERWRITING THE PROSPERITY PARTNERSHIP (P2)

REMITTANCE AS AN ASSET BASE IS VALUED AT SOME US$63 BILLION AND POTENTIALLY GREATER

"The acknowledged potential for improved management of remittances for national development, poverty reduction and social well-being were important factors. The large number of talented Jamaicans living abroad in the Diaspora was also identified as justification for the formulation of a policy on international migration and development. The policy is meant to manage migration more effectively for its integration into national development strategies by harnessing its development potential to benefit the society and migrants themselves." 
Draft National Policy on International Migration and Development , October 2015

Remittance is not a foreign exchange service but an asset in perpetuity which must be managed like all financial assets in terms of protecting and growing that asset base.  It is a measurable Financial and Economic Asset.

Until our governments understand this remittance will always be a curse on our National Debt.  It is curse because those with power and huge financial interest manipulates the exchange rates to constantly drive down the value of the Jamaican Dollar to profit from the exchange rate spread, due to the increased inflows of hard currency from remittance which invariable increases the size and cost of our national debt.   

Regardless of passing “IMF” acid tests, the structural impediments to growth in the Jamaican Economy are rooted deep in our colonial legacy, a fact most of us are not willing to accept. For too long race and class have played a dominant role in economic development planning and the policies to address fundamental social and economic issues are often skewed along that colonial mind-set.

The volume of trading in currency speculation is estimated at an average of approximately US$10 billion annually. The government will need to greatly improve its business planning and investment modeling capacity to attract a significant portion of this investment away from currency speculation into other areas of the economy such are in Energy, Manufacturing and Urban Infrastructure Development.

Remittance as an asset base is valued at some US$63 billion (potentially ten times greater) and it is from this posture that the New Government of Andrew Holness must negotiate. This will mean significant restructuring of our fiscal and monitory policies in order for Bank of Jamaica (BOJ) to account for this new asset based on our balance sheet.

The Government of Jamaica must now adopt an American styled Foreign Policy regarding its Citizens living abroad to protect and advance their interest both locally and overseas. This interest must be defined as a national interest in both political and economic terms. America will protect its Citizen anywhere in the world at all cost. The GoJ must adopt this posture and help to enhance the social, economic, cultural and political interest of all Jamaican living overseas.   

This is exactly what the Chinese Government is doing with their citizen here in Jamaica. Our security force must move with the same intensity to protect local business interest and the average Jamaican citizens in the same manner in which Chinese are being protected here in Jamaica.

The Prosperity Agenda cannot afford to be insensitive to the needs and aspirations of all Jamaicans (home and abroad) unlike the previous government who were most hostile to the civil and social dignity of every Jamaican and inherently hostile to the advancement of poor Jamaicans in pursuit of a corporate agenda and the imposition of a race based economic development plan outside of a strong institutional framework to protect the Jamaican people and Local Investors. This Represents one of the most exploitative development agenda in the history of modern governance in this country and throughout the free world. The PNP has turned its back on the very core ideals upon which this party was founded. The JLP was also founded on fundamental principles of workers’ rights and the protection of local business interest.