Jamaican Government to Establish Diaspora Fund

Speaking recently at Jamaica House at a press brief at the conclusion of talks with the IMF regarding progress of the Jamaican economy under the Extended Fund Facility with the International Monetary Fund (IMF) … Finance Minister Shaw, announced that the Andrew Holness led government will be setting up a “Diaspora Fund”.

Contacted for details the press attache’ in the PR department, Elaine Oxamendi Vicet advised that the derails are being formulated. The Financial” Secretary, Everton McFarlane had no further details either according to Oxamendi Vicet who was responding to enquiries from Vision’s SIC.

The government has repeatedly stated that it wishes to engage in a meaningful way with the diaspora. The diaspora has remitted millions to Jamaica which has boosted our ailing economy. Three billion Jamaican dollars was the last figure quoted by government sources contributed by the diaspora. Drugs, hospital equipment and health missions are inestimable. They want to tap into the vast expertise of the diaspora.

Jamaica’s Net International Reserves (NIR) now stands at about US$2.4 billion as a result of remittances from the diaspora. This is an international benchmark used to measure the state of an economy and it is used by IMF et al … it is about the amount of goods and services that can be bought to keep an economy afloat. Jamaica is doing extremely well in this regard.

Keep tuned to Vision on the details of the proposed Diaspora Fund.

We cannot do without our diaspora.

Hopeton O’Connor-Dennie is Senior International Correspondent & Photojournalist for Vision Newspaper Canada.