The Jamaican government says there are signs of an improvement in the country’s economy to the point where banks are lending more to the business sector, to facilitate upgrading and expansion works.
Finance Minister, Dr. Peter Phillips, says since he took over the finance portfolio, there has been an increase of about 20 percent in the amount of loans banks are providing to the business sector, when compared to previous years. He adds that the period from June 2012 to June 2013 has recorded a significant increase.
The Finance Minister says this is a direct result of what he calls good fiscal management practiced by government , coupled with the fact that the government has decided not to engage in borrowing high interest loans.
Dr. Phillips also believes the increase of loans at attractive interest rates from banks is as a result of the government’s stance, not to borrow any money from them. Finance Minister Dr. Peter Phillips. He did not provide any figure on the percentage on loans provided by the banks in 2011 and 2012, to justify the increase.
Dr. Phillips was addressing a people’s national party constituency conference in Montego Bay, St. James at the weekend.
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