For the first time in decades Jamaica's finances are stable enough that it can move beyond crisis management
gathered under a tent on a balmy Monday evening recently in Trench Town, a stone’s throw from the housing project where Bob Marley grew up. Outside, three policemen armed with rifles patrolled in a four-wheel-drive vehicle. Trench Town is one of the roughest neighbourhoods of Kingston, Jamaica’s capital. But the mood in the tent is mellow. The air smells faintly of ganja. The Trench Townspeople have gathered not to talk about violence but about economic policy.
In addition to the ambitious primary-surplus target and the wage freeze, Jamaica was obliged to seek relief from private-sector creditors in the form of longer maturities and a lower interest rate. This hurt Jamaican banks and businesses, which had replaced foreigners as the biggest lenders.
It helped, too, that Portia Simpson-Miller, the prime minister until 2016, advocated the agreement. “The poorer segments of society have a great deal of respect for her,” says Ralston Hyman, a trade unionist who is a member of. In 2018 the Bank of Jamaica drummed up support for inflation targeting by commissioning reggae stars to extol in song the blessing of low and stable inflation. “If it’s too high, the people have a cry/And if it’s too low, the country nah grow,” ran one lyric.
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