The Government’s Economic Growth Council (EGC) has listed its first deliverable as a reduction in the capital requirement for the operation of insurance services, freeing up some $300 million to fund the productive sector.

Speaking yesterday evening on the occasion of the council’s first quarterly report since its establishment last September by Prime Minister Andrew Holness, EGC Chairman Michael Lee-Chin thanked the Financial Services Commission for its involvement in the reduction of the insurance capital requirement from 250 per cent to 150 per cent.

The deliverable was pointed out as being relative to the growth strategies included in the recent precautionary Stand-by Agreement between the Government and the International Monetary Fund (IMF) that takes effect this year.

This initiative was among eight presented by the EGC to Cabinet last September, at the start of its work to improve access to finance; maintain macroeconomic stability and pursue debt reduction; improve citizen security and public safety; pursue bureaucratic reform to improve the business environment; stimulate greater asset utilisation; build human capital; harness the power of the diaspora; and catalyse implementation of strategic projects.

“What is unique is that, for the first time in the history of the IMF, they have embedded our growth initiatives into their Stand-by Agreement,” Lee-Chin told guests attending the report presentation at the Jamaica Pegasus Hotel in New Kingston.

He noted that the Government is already ahead of its schedules for other deliverables due in March, including a Bank of Jamaica (BOJ) policy change in terms of credit and a Development Bank of Jamaica credit enhancement fund.

He said that the committee’s first quarter report also addresses the need for the BOJ to finalise the terms of reference for a banking competition review, as well as the tabling of a new Building Act. Both have been addressed before the targeted time.

He said that the committee has been working tirelessly with the Government to make sure that the implementation of all the commitments are done on time.

Lee-Chin also told the audience that the next report, which will cover the period January to March, will speak to deliverables set for that time period, including improving citizen security and public safety.

“The nation’s security, as we all know, is of utmost importance, and right now is under siege,” the EGC chairman said.

“The nation’s security is what is preventing growth, so if we don’t wrestle that dragon to the ground, we will not get growth,” he commented, noting that it was every Jamaican’s responsibility to support law and order.

“The nation’s security and safety net of its citizens has to be at the foundation of all other things that we do,” he remarked.

In that regard, he said, the Government had opted for a national security adviser in Major General Antony Anderson, and the EGC has brought together stakeholders such as the Ministry of National Security, the Ministry of Justice, the Ministry of Economic Growth and Job Creation, the Planning Institute of Jamaica, the Social Development Commission, the Jamaica Constabulary Force (JCF), and the Jamaica Defence Force to work together in a comprehensive and integrated way, led by Major General Anderson.

He said that Anderson will be required to produce a national security report for the next quarterly briefing, which will focus on two areas of police reform: a new Police Act; and the separation of the Major Organised Crime and Anti-Corruption Agency from the JCF.

He said that improvements to the justice system and border security, as well as effective use of technology and plans to make communities safer, would be included in that report.

Also to be addressed in that report will be improving the business environment and reducing red tape for businesses which he described as “a major inhibitor to doing business”.

In addition, he said there was a need to put in place new public procurement regulations.

Also attending the meeting were eight of the other nine members of the EGC: Ambassador Dr Nigel Clarke, Adam Stewart, Senator Kavan Gayle, Hugh Hart, Patrick Hylton, Noel Hylton, Paula Kerr-Jarrett and Pat Ramsay. Absent was Phillip Gore.