Seiveright urges push of positive message post-Melissa

_{Minister of state in the Ministry of Industry, Investment and Commerce Delano Seiveright speaking during the JMMB Group Thought Leadership Breakfast at S Hotel Montego Bay on Wednesday. (Photo: Horace Hines)}

Montego Bay, St James — State minister in the Ministry of Industry, Investment and Commerce Delano Seiveright on Wednesday cautioned that unflattering global perceptions following Hurricane Melissa could undermine investor confidence, and urged a more aggressive push to correct what he saw as a misleading international narrative about Jamaica’s economic condition.

Speaking during the JMMB Group Thought Leadership Breakfast at S Hotel Montego Bay, Seiveright said images broadcast worldwide gave a false impression that the hurricane destroyed all of Jamaica.

“Unfortunately, the images that went out globally following the impact of Hurricane Melissa — and frankly it’s expected, I have no issue with it — but the images that went out gave the impression that the entire country was destroyed by this Category 5 hurricane,” he said.

“Of course there was quite a bit of destruction in some parishes, especially western Jamaica, but it spread a narrative… even beyond tourism circles but in business circles, that the country was completely offline and utterly destroyed by this Category 5 hurricane,” added Seiveright.

The minister argued that it is therefore critical for Jamaica to reassure the international business community that the country remains economically stable.

“It was important to get out into the international market so that people know that our economy is fine and things are not as bad as it may appear,” he said.

Seiveright welcomed the decision by major credit rating agencies to maintain Jamaica’s ratings with stable outlooks.

“We were delighted at the fact that Moody’s and other critical rating agencies like S&P and Fitch essentially reaffirmed Jamaica’s ratings with stable outlook. That was important to get out into the international market so that people know that our economy is fine and things are not as bad as it may appear,” Seiveright noted.

“These actions of course reflect strengthened institutions, fiscal discipline, improved policy credibility, and substantial reductions in the public debt over the years…from as high as 140 per cent now to around, give or take, 70 per cent debt-to-GDP ratio. So it signals lower risks, it signals stronger resilience and growing macroeconomic confidence,” the state minister added.

However, he stressed that the ratings must be seen as functional tools rather than symbolic achievements.

“These ratings are tools, they are not trophies that create improved conditions for growth once we execute. So it’s important that the international market is aware of the fact that Jamaica is open for business and that the largest rating agencies in the world are of the view that Jamaica is stable and has a positive outlook,” Seiveright noted.

He said Jamaica remains just below investment grade but is still firmly on track despite the blow suffered by Hurricane Melissa.

Beyond economic indicators, Seiveright said public safety was also central to maintaining business confidence.

Source: Jamaica Observer