The Editor, Sir:

Members of the Jamaica Bankers Association (JBA) need to play a more active role in the transformation of the Jamaican economy from its state of begging and borrowing to a productive mode.

The Government is elected to provide the leadership and good policies so that there is always a balance. However, a balanced economy is one where all the players actively participate in its development. The global economic crisis is bearing down on all of us, in all sectors, in every home and on the street corners; hungry mouths and angry minds.

We are a resilient set of people and can, and always weather the storm, but we might well go under if there are no signs of hope. Those who have made the quick recovery and huge profits must see to it that the rest of us get a chance to hang on to a 'little straw' to keep floating.

Given the present global crisis, the country needs a stimulus package to help charter a golden era of opportunity. The JBA can provide this stimulus package to boost the economy by way of pooling funds of $5 billion. Credit unions and other financial entities can also add their coco to the 'basket'.

This pool of funds should be administered by all participating bodies at their respective offices or branches and monitored by a special unit set up by the bankers and the credit union bodies. This pool of funds should be placed on the table as unsecured loan. There will be cases where some businesses will fail, while others can become sustainable if they are monitored closely by the financial bodies.

This special monitoring unit should advertise in all media, requesting applications from all micro and small businesses to access interest-free loans either to boost their production or expand the facility and for retooling. Targeting approximately 10,000 micro and small businesses with a standard amount of $500,000 to each successful applicant. Some will argue that this is chicken feed or a drop in the pan, but at least it is the start for many struggling ones.

Successful applicants

All successful applicants should guarantee the employment of at least one Jamaican for a period of not less than one year. The persons should be equipped with a HEART Trust/NTA certificate or a letter from qualified training institutions. The successful employees should be encouraged or mandated to continue further studies in their respective field or career choice.

The conditions which I outline can form the basis of a win-win situation. The Government would benefit from an extra 10,000 Jamaicans contributing more money to the NIS and NHT coffers; the unemployment statistic would automatically go down; it would transform 10,000 minds away from a destructive to a productive channel, while the hungry would have more food at the end of the day.

I am, etc.,

ROY HENRY

henricom@yahoo.com