As every patriotic Jamaican should be, I am extremely concerned about the national economy. While I am not a qualified, certified economist, some common-sense questions for which I need answers keep coming to me.

In my way of seeing our economic problem, it is primarily, but not only, a matter of debt that has grown out of the capacity of the Government's revenues to service. In the private sector, when faced with such a situation, one solution that is pursued aggressively is the conversion of debt to equity. In fact, as I write, I noticed a newspaper article on December 9 about the Carib Cement US$15 million debit swap.

Downgraded

What I am really asking is, in the context of the Government's credit rating having been downgraded by the rating agencies, and of our near completion of an International Monetary Fund agreement, whether the debt-for-equity programme proposed to assist in managing the national debt burden could not now be revisited. I am thinking, for example, of the transfer of government land to real-estate developers holding government debt and/or paper for housing; transfer of government equity in alumina or petroleum processing, and other appropriate industries in exchange for government debt.

I raise this as a question for some informed authority to explain to the public why this approach to our debt management cannot be pursued and applied to ease the pressure, while promoting economic development.

I sincerely look forward to a response, as I have been listening intently to the recent economic analysis and reporting, but have not seen or heard any explanation of why such an approach is not now feasible.

I am, etc.,

EVON BRODBER

brodzy@cwjamaica.com

Byndloss

Linstead, St Catherine