Addressing members of the Jamaican Diaspora at a special economic forum at the Sheraton Suites Plantation last Saturday, General Manager of the Jamaica National Building Society, Earl Jarrett, said he believes Jamaicans in the Diaspora and at home have the ability and resources to shape the outcome of the country, but said they needed to be more vigilant.

In a lucid, frank address, Jarrett gave an overview of the Jamaican economy from the relevant buoyant economy in the early years after independence to today, where the nation's debt has ballooned to crisis proportions.

Among the reasons for Jamaica's growing debt problem, Jarrett cited reduction in bauxite production, the 1990s oil crisis, removal of preferential trading arrangements for Jamaica's agricultural exports, significant government expenditure on natural disasters, and assumption of the debt of failed institutions by the government.

In order to cope with Jamaica's debt problem, in 2010 the then government introduced the Jamaica Debt Exchange (JDX) program in an effort to reduce its debt obligations. However, that program didn't have the desired result, the debt grew, and in February 2013 the government introduced another debt exchange program, the National Debt Exchange (NDX) program to reduce the national debt and save the country approximately $17.6 billion annually in interests payments on government bonds.

With the tabling of the bi-partisan immigration reform bill in the U.S. Senate last week by the Gang of Eight bi-partisan senators there is an air of excitement and real anticipation in South Florida's immigrant communities. Immigration advocates in these communities have been expressing thanks to the senators, but particularly to the immigrant families and their supporters who marched, protested and have been praying for these reforms. The resiliency of these groups and their resistance to unfair criminalization, detention and deportation has helped to build a movement for relief and respect that has yielded the real possibility of a path to citizenship for millions of undocumented individuals.
The bill tabled in the Senate would keep families together, make it legal for undocumented migrants to work in the U.S. while waiting to become citizens, fast-track legal status for students under the DREAM Act, and open doors to guest workers in jobs in the service and agriculture sectors.

But members of the immigrant community realize the work is not complete, and are continuing their efforts and prayers that the bill will also get bi-partisan approval in the U.S. Congress, particularly from all Florida's representatives.
The threat to the successful passage of the immigration bill through both chambers of Congress is from conservative members who have traditionally opposed immigration reform. Some have already signaled their opposition on the grounds that the bill will flood millions of workers into a labor market where jobs are in short supply.

South Floridians will learn more about the Jamaican Debt Exchange Program on Saturday, April 20. General Manager of the Jamaica National Building Society (JNBS) Earl Jarrett, will speak on "The NDX and its Impact" at a special forum at the Sheraton Suites in Plantation, Florida. This forum is of special significance to Jamaicans in the region, especially those who hold investments in Jamaica Government bonds.
Last February, as part of the pre-conditions set by the International Monetary Fund (IMF) for Jamaica's loan from that institution, the government implemented the Jamaica National Debt Exchange (NDX) program.

Under the NDX, interest rates on government bonds were reduced and the maturity period extended. The 12.5 percent fixed-rate Jamaican dollar bond was exchanged for a new fixed-rate bond paying interest of 7.25 percent maturing in 2016. The maturing 6.75 percent U.S. denominated bond was exchanged for a new bond paying interest of 5.25 percent and maturing in 2020.

National Weekly has engaged the services of Joy Schaaffe, former director marketing and communication of Air Jamaica and senior manager marketing at Caribbean Airlines, as a director with responsibility for marketing and administration.
Schaaffe who is a business consultant and president of her company, Top Shelf Business Solutions, Inc., comes to National Weekly with over 23 years of experience and a successful career specializing in strategic planning, business development, communications and marketing. She is a certified business advisor with a B.Sc. in management studies from the University of the West Indies in Jamaica and graduated class valedictorian in the Executive MBA program at the University of Miami. Previously in Jamaica, Schaaffe was general manager of Grace Tours and Grace Kennedy Travel before migrating to New York where she joined Air Jamaica, and later transferred to Miami to establish Air Jamaica's vacation division.
As a director of National Weekly, she will work with the existing management in enhancing the administrative operations of the newspaper, and will seek to expand its circulation within the Florida market serving the Caribbean American and African American residential and business community.
National Weekly is also repositioning its website www.cnweeklynews.com to become an integral component of its operations, enhancing its ability to reach wider markets and Schaaffe is expected to play a major role.
National Weekly's management is excited about the way forward and is committed to the goals of providing valuable information for its readers and strengthening its position as a formidable medium for the South Florida business community to reach its clients and customers.