The Peoples National Party (PNP) is calling upon the Jamaican government to adopt innovative measures to tackle the rising inflation rate. Anthony Hylton, MP, Opposition Spokesperson on Industry, Investment & Global Logistics, emphasizes the need for proactive strategies in the face of ongoing supply chain disruptions caused by climate events and international conflicts. Hylton highlights concerns about the government’s reliance on exchange rate and interest rate tools to address COVID-induced price increases, urging the implementation of a comprehensive strategy to safeguard vulnerable consumers and the MSME sector. He cautions against potential punitive impacts of further policy rate increases by the Bank of Jamaica in response to looming challenges.
Furthermore, Hylton asserts that the government possesses the fiscal capacity to creatively and decisively address economic constraints through the promotion of technology and innovation. Key areas of focus include energy, customs reform, and supply chain logistics. As global economic uncertainties persist, the PNP underscores the urgency for a multifaceted approach to mitigate inflationary pressures and foster sustainable economic growth.
CVM TV
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