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Former Prime Minister P.J. Patterson has defended his then Finance Minister, Dr. Omar Davies and his government’s management of the financial collapse of the 1990s.
The former Prime Minister offered the defense during a Setting the Record Straight forum held by the PNP’s Region Three on Thursday.
It was the second time in less than two months that Mr. Patterson was wading into the political fray.
Ricardo Brooks has more in this report.
Dr. Omar Davies served as Finance Minister from 1993 to 2006 in P.J. Patterson’s Cabinet.
He continued in office until 2007 in the government of Portia Simpson Miller.
During his tenure, the country recorded low levels of economic growth and a significant ballooning of the national debt.
Davies and Patterson also presided over the Financial Sector Adjustment Company, FINSAC.
The FINSAC period was marked by the collapse of several local businesses.
Dr. Davies’ detractors have often described him as one of Jamaica’s worst Finance Ministers.
But by Mr. Patterson’s telling, Dr. Davies deserves more credit than he has been given.
The former Prime Minister says his government did its best to manage the 1990s financial crisis and protect depositors.
He said despite the advice from multi-laterals to allow the financial institutions to fail, his government felt it had a responsibility to intervene.
He says public trust and confidence were at stake.
In making his point that there was a possibility of significant social upheaval, the former Prime Minister offered this story of a farmer who had suffered losses.
Mr. Patterson ended his reasoning by affirming that the PNP has been good economic stewards of Jamaica.
He urged PNP President Mark Golding to prepare himself to become Jamaica’s next Prime Minister.
General Elections are due by September of this year.
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