Brian Wynter will become governor of the Bank of Jamaica a week early. Audley Shaw, minister of finance and the public service, announced yesterday that Wynter's schedule had changed and he would be available to take over the post as of Monday.

Shaw also went on to say in a press release last evening that the service of Audrey Anderson as acting governor of the central bank and her management team had been efficient and had allowed for a smooth transition.

Anderson and Wynter are scheduled to meet with Shaw on Monday morning before Wynter reports for duty at the bank.

Wynter's appointment was announced weeks ago after Derick Latibeaudiere, governor of 13 years, was asked to leave.

Prime Minister Bruce Golding, in an address to Parliament, told the nation that Latibeaudiere's dismissal was as a result of an impasse over contractual arrangements.

Latibeaudiere's contract became a point of contention in the media after it was revealed that an increase, mired in fringe-benefit details, would lead to earnings of more than $38 million a year.

Golding said the way the contract had been formulated left much to be desired and could not be continued. There has been no word on what Wynter's contract will look like.

"The Government found unacceptable, embarrassing and repugnant the interpretation and application of certain provisions of the governor's contract of employment," Golding said.

"It was a strange contract, the likes of which has not up to now been found anywhere else," he added.

disbelief

In a response, the People's National Party made known its disbelief in the reasons given by the prime minister, and asked why it was that the decision to sever ties with Latibeaudiere had taken as long as it did.

Omar Davies, opposition spokesman on finance and the finance minister at the time Latibeaudiere would have negotiated his contract, was under fire.

However, the PNP preferred that the real reason for the sacking lay in policy direction, which became more important in light of sensitive talks being conducted with the International Monetary Fund (IMF).

Latibeaudiere was also the head honcho of the Jamaican delegation in those negotiations.

Financial Secretary Dr Wesley Hughes is the man running the show for Jamaica in its bid to acquire a US$1.2-billion standby arrangement with the IMF.

Those talks have also been questioned, as a newspaper story yesterday hinted that the divestment of Air Jamaica had much to do with the talks, and vice versa.

The country still waits to see if the new governor will have any impact on the international perception of the Jamaican economy.

Since Latibeaudiere's resignation, two highly respected ratings agencies, Standard and Poor's (S&P) and Moody's Investors, have downgraded Jamaica's rating.

Moody's downgraded the country's local and foreign-currency bonds from B2 to 'Caa'1, with a negative outlook, while S&P yesterday dropped Jamaica's domestic and foreign currency long-term rating from 'CCC+' with a negative outlook, to 'CCC' with a negative outlook.