PNP return to Power in Jamaica – 66-year-old Portia Simpson-Miller new PM

The new leader will contend with rising debt and high unemployment.

Portia Simpson Miller PNP Return to Power in Jamaica

Portia Simpson Miller PNP Return to Power in Jamaica

KINGSTON, Jamaica – (Thursday, December 29, 2011) – According to preliminary results, Jamaica’s opposition People’s National Party (PNP) has won the national election.

The results declared, PNP winning 41 of the 63 seats in the House of Representatives while the JLP won the the remaining 22.

Andrew Holness leader of the ruling Jamaica Labor Party (JLP) has conceded defeat.

Portia Lucretia Simpson Miller, the president of PNP is tentatively scheduled to be sworn in at King’s House in a ceremony set for Thursday, January 5, at 4pm.

Although a date is set the swearing-in ceremony will take place when Governor General Sir Patrick Allen gets certification of the polls from the Electoral Office of Jamaica.

The recount was taking longer than usual due to the close margin of victory in a number of constituencies implies director of Elections Orrette Fisher.

The Portia new administration will contend with debt running at approximately 130% of Gross Domestic Product (GDP) and unemployment rate at more than 12%.

According to the International Monetary Fund (IMF), although the official figures are not yet available for 2011, the economic and financial conditions continue to deteriorate with rising debt and week fiscal performance in the majority of countries of the Caribbean Community (CARICOM) including Jamaica.

The debt burden of many CARICOM countries – and the region as a whole – is quite alarming.  Apart from Suriname, no CARICOM country has a debt to Gross Domestic Product (GDP) ratio below 50%. The ratio is over 100% in St Kitts-Nevis, Jamaica, Barbados and Grenada. It is pretty close to that figure in Antigua and Barbuda and Belize.

The country can celebrate the PNP victory tonight, however everyone will be watching for signs of economic momentum, because the economic road ahead looks grim.

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