How Jamaica Has Gained Its Independence On August 6th 1962

760 WordsNov 24, 20164 Pages
Jamaica has gained its independence on august 6th 1962.this was during the time when the world 's oil prices were steadily and causing trouble for many nations.after struggling for many years through this as a new independent country,by 1973 jamaica had hit the end of it economy stability.This would spark the unfriendly relationship between the international monetary fund,more commonly known as the IMF and jamaica . The IMF is an organization made up of 188 nations all working together to ensure global monetary security and financial stability while promoting international trade and sustainable economic growth. Jamaica economists has already prepared a long term plan to solve their crisis.They wanted to request a long term loan with the hope of funneling it gradually into their drying economy.The IMF,however,had other plans and rejected their proposal.The IMF felt that jamaica was unproductive and instead provided a short term loan with a lot of usage conditions These conditions includes a reduction of the public -sector work force,salary cuts to public sector work force and reductions in pensions and benefits.This loan will allow the IMF to safely determine weather or not if jamaica 's economy crisis could be fixed.with minimal risk to the organization.Unfortunately,This approach only sealed jamaica 's fate. Due to these restrictions placed on the short term loan,jamaica 's government could not allocate the fund to the areas that needed it most.This lead to the
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