PRIME Minister Andrew Holness remains confident that Jamaica will achieve its target of five per cent growth in the next three years.

“People have said it is an overly ambitious target, but I am strongly of the view that we will achieve the growth targets set. We are also very cognisant of the significant challenges that the Jamaican economy faces, but these challenges are not unique, as these are features of Caribbean economies,” Holness said.

He was addressing the Sixth International Monetary Fund (IMF) High Level Caribbean Forum, held at the Jamaica Pegasus hotel in New Kingston yesterday.

The prime minister said some of the challenges include high public debt, vulnerability to natural disasters and external shocks, high energy cost/security, and migration of highly skilled workers.

“We have significant structural problems, as well, that impede growth, such as inefficient bureaucracies within our public sector that need real and deep reforms to make them more efficient and more responsive and effective in service delivery and in carrying out their regulatory and permitting duties,” he argued.

At the same time, the prime minister noted that Jamaica’s previous Extended Fund Facility and the current Precautionary Stand-by Arrangement with the IMF are yielding dividends.

“Not only has Jamaica met all structural benchmarks through to the end of September 2017, but the focus on fiscal discipline, business process efficiency and managing our monetary programme is producing positive impacts [on the economy],” he noted.

http://www.jamaicaobserver.com/news/pm-confident-country-will-achieve-growth-target_117365