News
HMS Is Facing a Deficit. Under Trump, Some Fear It May Get Worse.
News
Cambridge Police Respond to Three Armed Robberies Over Holiday Weekend
News
What’s Next for Harvard’s Legacy of Slavery Initiative?
News
MassDOT Adds Unpopular Train Layover to Allston I-90 Project in Sudden Reversal
News
Denied Winter Campus Housing, International Students Scramble to Find Alternative Options
Jamaican Prime Minister Edward P. G. Seaga '52 met with President Bok Saturday and later spoke with reporters about developments in his poverty-stricken nation.
A former Sociology concentrator and Eliot House resident. Seaga discussed with Bok the possibility of establishing a Harvard Institute of International Development program in Jamaiea. He did not disclose any specifics of the meeting at an afternoon press conference in Boston.
Seaga also addressed Boston University's graduation exercises yesterday. (See story page 8.)
At the press conference Seaga detailed the changes his country has undergone since he and his moderate Jamaica Labor Party took office two years ago.
Debt-Ridden
Seaga inherited a country pragued by debt. unemployment and violence from his socialist predecessor Michael Manlcy and has set out to denationalize Jamaican industry in an attempt to spur the economy.
"We have had two years of consecutive economic growth after eight years of negative growth under Manley," Seaga said, adding, "We are reducing inflation and stimulating investment."
Seaga's policies, which are aimed at activating the private sector, have received full support from the Reagan administration. Jamaica currently receives large amounts of and from the United States and under the Administration's proposed Caribbean Basin Initiative it would receive even more aid and more favorable trade agreements.
IMF Reform
Jamaica is also receiving large infusions of cash in the form of emergency loans from the International Monetary Fund.
At the press conference Seaga was quick to dissociate himself from other Third World leaders, including Manley, who are clamoring for reform of the IMF and its parent organization, the World Bank.
Renegotiating
These leaders have argued that reform would make the world finance organizations more responsive to poor countries' needs.
"To renegotiate the international monetary system would take three to five years. Nobody has that much time," Seaga said. "It is necessary to have practical solutions to cope with current problems."
Despite economic gains, Jamaica still has an unemployment rate hovering around 27 percent, according to Seaga. In order to combat the jobless problem. Seaga said he has enacted a large scale program aimed at training 10,000 youths each year in vocational schools and camps.
The biggest threat still facing Jamaica is the worldwide slump in the aluminum industry, which serves as the backbone of the economy, Seaga said. In order to stave off heavy losses the U.S. has been buying up surplus Jamican bauxite, the raw form of aluminum.
Seaga was in Washington Friday to receive an award from the Pan American Development Foundation.
Want to keep up with breaking news? Subscribe to our email newsletter.