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K'nife: Transformed Criminals, Small Biz Can Rescue Economy

A UWI academic on Thursday declared small businesses and transformed 'criminals' as the more likely saviours of the economy, and not the International Monetary Fund (IMF) with which Jamaica is negotiating a bailout agreement.

Dr K'adamawe K'nife said at a panel discussion at the University of West Indies, Mona, that Jamaica's challenge is transforming these criminals, including tax evaders, and chanelling their activities into the formal sector.

The result would aid in plugging what he said was J$350 billion in annual lost taxes.

The discussion, 'The IMF Agreement - Implications for Small Business' was hosted by the Jamaica Business Development Corporation in conjunction with the university. Other panellists included financial analyst, Ralston Hyman; deputy executive director at the Mona School of Business & Management, Densil Williams; the business school's unit head of decision sciences and information systems, Dr Lawrence Nicholson; Minister of Industry Investment & Commerce Anthony Hylton; and deputy chief executive officer at JBDC, Harold Davis.

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