The Multinational Monitor


G L O B A L   N E W S

Jamaica: Seaga's Reward

It pays to be pro-Western.

The U.S. government and Western financial bankers have greeted Jamaica's new prime minister Edward Seaga with largesse-quite a contrast to their treatment of his predecessor, Michael Manley. Seaga, who came to power in November, already has received over U.S.$135 million, enough to nearly erase Jamaica's foreign exchange deficit. Seaga plans to use the funds to import food and raw materials.

One of' the largest credits dame from the U.S. government, which delivered a $40 million loan during the last days of the Carter Administration. Shortly thereafter, a consortium of banks, including Citibank and the Bank of Canada, loaned an additional $40 million in short-term credits.

More money is on its way, from both multilateral institutions and private sources. Jamaica is currently negotiating with the International Monetary Fund for a loan of $550 million, expected to be announced in late March. And David Rockefeller, chairman of Chase Manhattan Bank, has been appointed by the Reagan Administration . to head up a committee of U.S. private investors "to stimulate and mobilize new investment, trade, and employment in Jamaica during this critical period of national economic recovery," the White House said.

Table of Contents