Recently appointed Minister Without Portfolio in the Ministry of Finance and the Public Service Fayval Williams is adamant that fiscal discipline must be maintained in order for the economy to grow.
In her address as keynote speaker at the annual students' conference of the School of Business Administration, University of Technology (UTech), at the Jamaica Conference Centre on Wednesday, Williams, pointing to the controversial wage-to-GDP ratio, made clear that meeting the nine per cent target was critical for the Government.
"The upcoming fiscal year (2018/2019) demands the spending rule, which says that wages and salaries should be no more than nine per cent of GDP by March 31, 2019," the minister noted.
She said the rule was legislated to maintain predictability in the economy, adding that, "the greatest gift that we can secure for generations to come is to ensure lasting economic growth".
The Government's target has been threatened by unions representing teachers, nurses and rank and file members of the Jamaica Constabulary Force, clamouring for higher basic wages and allowances.
Though the unions have accepted a retroactive payment agreement, they are expected to continue negotiations for higher allowances.
Williams called for all Jamaicans to recommit to the growth agenda "by adding value and having a positive impact by thinking of growth as an individual matter that can result from our individual decisions to be more and to do more.
Particularly, she urged young people to increase their productivity by starting a small business, investing in the country, and generating new ideas and acting on them.