View Full Version : NY-based attorney sceptical about IMF deal

01-02-2010, 12:37 PM
NY-based attorney sceptical about IMF deal

Harold G Bailey

Saturday, January 02, 2010

NEW YORK, USA -- Donald P Vernon, the Jamaican attorney who heads Vernon and Associates -- a New York-based law firm -- is not so sure his country's decision to return to the International Monetary Fund (IMF) "is such a sound one".

He is among a growing list of Jamaican nationals here who are not only sceptical, but worried about the impact that the decision will have on their homeland, even as they acknowledge the financial dilemma their country faces.

Jamaica and the IMF have been negotiating a new standby agreement worth US$1.2 billion since August, and are believed to be close to inking that agreement. Jamaican authorities have repeatedly claimed that the country has no alternative, but to seek the IMF's assistance.

But, critics like Vernon point to the harsh conditions likely to be imposed by the IMF, as evidenced by the sweeping tax increases -- since reversed -- announced just over a week ago. They also worry about pending cuts in the public sector workforce on top of those who lost their jobs due to the recession.

Vernon, who also runs Caribbean Centre for Progress, a non-profit organisation which helps Diaspora residents to establish their own non-profits, "fears any IMF agreement will only bring more woes than good".

He pointed to his country's previous agreements with the fund, and asks pointedly: "What do we have to show for those sacrifices?" He also dismisses claims that the IMF is more compassionate than previously, saying there is no evidence to support that notion "nor does it resonate well among my countrymen here".

Like many others, Vernon wants to see a broad-

based National Development Prorgamme with requisite incentives designed to spur growth.

Tuff Gong
01-03-2010, 02:30 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">NY-based attorney sceptical about IMF deal

Harold G Bailey

Saturday, January 02, 2010 </div></div>

He is talking BS and once again the Observer delight in just printing someone's (an expert because he is a NY based Lawyer) diarrhea of the mouth without zero editorial management.

We have not been under the IMF system for eons. Not only that I am pretty sure one of this is not one of the IMF's feature: &quot;To keep pumping cash into the hands of corrupt Administrations to waste as they see fit&quot;, the spigot would have been turned off a while back.