Tweet
I stand by my record - Davies - Former finance minister unapologetic about tenure
Published: Monday | May 4, 2009
Newby: He left us more than a trillion dollars in debt
HE HAS been battered, beaten and blamed for wrecking Jamaica's economy in the 14 years that he presided as finance
minister.
However, Dr Omar Davies is unapologetic about his tenure.
"I stand by my record as minister of finance," Davies told The Gleaner shortly after a press conference at the People's National Party headquarters in St Andrew last week.
Davies, who is now opposition spokesman on finance, came out swinging last week as he identified what he called deficiencies in the $555.7-billion Budget presented by his successor, Finance Minister Audley Shaw.
However, Senator Warren Newby, president of Generation 2000, the youth affiliate of the governing Jamaica Labour Party, said Davies was the creator of some of Jamaica's biggest economic problems.
Problems were his creation
"Dr Davies has failed to admit that a number of the problems being tackled by Minister Shaw were of his creation," Newby told The Gleaner.
Asked if he had the moral authority to critique Shaw's Budget, Davies said his record speaks for itself.
He listed:
Seven consecutive years of single-digit inflation which made workers and whatever pay increases worthwhile.
A build-up of the net international reserves to a position where it could have carried this administration through last year.
Dealing with a financial-sector crisis that cost 40 per cent of GDP and putting in place a strong set of financial institutions.
Introducing a regulatory system which is acknowledged internationally as an excellent one.
Overseeing unprecedented investment in infrastructure.
However, for Newby, Davies' record is not all that impressive.
"For the 14 years that he was there, 12 years of those years he ran a budget deficit. He financed FINSAC and all other major projects undertaken by government from borrowing," countered Newby. "He left us more than a trillion dollars in debt when we take into consideration deferred financing debts and money owed by parastate agencies," Newby added.
Davies, when he demitted office in September 2007, left the national debt at $950 billion, $50 million shy of the trillion-dollar mark the Government recently passed.
'The trillion-dollar man'
However, during his Budget presentation last week, Davies labelled Shaw "the trillion-dollar man".
Newby said it was "disingenuous of him to be claiming that he is not the trillion-dollar man".
"If you are not the trillion-dollar man, you are the $999-billion man," Newby said.
However, Davies said that Shaw is deserving of the tease.
"It is a fact. It is a fair tease because he used to speak about the fact that we are approaching $1 trillion. I say be careful of what you hope for. It's either a fact or it's not. He is the trillion-dollar man," Davies argued.
Published: Monday | May 4, 2009
Newby: He left us more than a trillion dollars in debt
HE HAS been battered, beaten and blamed for wrecking Jamaica's economy in the 14 years that he presided as finance
minister.
However, Dr Omar Davies is unapologetic about his tenure.
"I stand by my record as minister of finance," Davies told The Gleaner shortly after a press conference at the People's National Party headquarters in St Andrew last week.
Davies, who is now opposition spokesman on finance, came out swinging last week as he identified what he called deficiencies in the $555.7-billion Budget presented by his successor, Finance Minister Audley Shaw.
However, Senator Warren Newby, president of Generation 2000, the youth affiliate of the governing Jamaica Labour Party, said Davies was the creator of some of Jamaica's biggest economic problems.
Problems were his creation
"Dr Davies has failed to admit that a number of the problems being tackled by Minister Shaw were of his creation," Newby told The Gleaner.
Asked if he had the moral authority to critique Shaw's Budget, Davies said his record speaks for itself.
He listed:
Seven consecutive years of single-digit inflation which made workers and whatever pay increases worthwhile.
A build-up of the net international reserves to a position where it could have carried this administration through last year.
Dealing with a financial-sector crisis that cost 40 per cent of GDP and putting in place a strong set of financial institutions.
Introducing a regulatory system which is acknowledged internationally as an excellent one.
Overseeing unprecedented investment in infrastructure.
However, for Newby, Davies' record is not all that impressive.
"For the 14 years that he was there, 12 years of those years he ran a budget deficit. He financed FINSAC and all other major projects undertaken by government from borrowing," countered Newby. "He left us more than a trillion dollars in debt when we take into consideration deferred financing debts and money owed by parastate agencies," Newby added.
Davies, when he demitted office in September 2007, left the national debt at $950 billion, $50 million shy of the trillion-dollar mark the Government recently passed.
'The trillion-dollar man'
However, during his Budget presentation last week, Davies labelled Shaw "the trillion-dollar man".
Newby said it was "disingenuous of him to be claiming that he is not the trillion-dollar man".
"If you are not the trillion-dollar man, you are the $999-billion man," Newby said.
However, Davies said that Shaw is deserving of the tease.
"It is a fact. It is a fair tease because he used to speak about the fact that we are approaching $1 trillion. I say be careful of what you hope for. It's either a fact or it's not. He is the trillion-dollar man," Davies argued.
Comment