Life and Debt: Jamaica and the Imf
Life and Debt Through the eyes of Westerners taking holidays on the beautiful beaches of Jamaica, most will only be exposed to the bountiful sunshine constantly spraying across their faces, the perfect turquoise tropic waters surrounding the island, and the rich fruit that tastes so fresh it leaves you feeling as if it must have been picked off the tree only mere moments ago. In Life and Debt, the film portrays Jamaica from two substantially clashing views. First, it is highlighted as a perfect vacation spot. It shows how rich the country is in tourism and how ideal the ocean-front property surrounding the island truly is. However, the film counters the natural beauty of Jamaica with the harsh realization of the widespread unrelenting veracity of poverty that grips this small island nation.
When Jamaica was granted its independence from Great Britain, the tiny nation lacked sufficient economic strength to survive on its own. Throughout the time Great Britain ruled over the island, she had taken Jamaica’s ample natural resources in the name of the Crown. Economically, when a nation does not have enough natural resources to survive, the situation turns very bitter in a short amount of time. Jamaica soon realized they were not able to finance what was needed to meet the needs of its citizens. Jamaica sought financial assistance through the private banking system, but was denied repeatedly. The country had no choice but to resort to the International Monetary Fund (IMF) to borrow money from. The IMF’s role is that of a “helping hand.” As per Jamaica and the IMF’s agreement, the IMF established a five-year plan with Jamaica. This included the placement of stringent restrictions on what the tiny nation could spend the money on. As the Jamaicans slowly realized, this deal would serve them no purpose, except indebting the nation even further. The island was forced to cut certain government programs and devalue their currency to meet IMF demands. Jamaica was
When Jamaica was granted its independence from Great Britain, the tiny nation lacked sufficient economic strength to survive on its own. Throughout the time Great Britain ruled over the island, she had taken Jamaica’s ample natural resources in the name of the Crown. Economically, when a nation does not have enough natural resources to survive, the situation turns very bitter in a short amount of time. Jamaica soon realized they were not able to finance what was needed to meet the needs of its citizens. Jamaica sought financial assistance through the private banking system, but was denied repeatedly. The country had no choice but to resort to the International Monetary Fund (IMF) to borrow money from. The IMF’s role is that of a “helping hand.” As per Jamaica and the IMF’s agreement, the IMF established a five-year plan with Jamaica. This included the placement of stringent restrictions on what the tiny nation could spend the money on. As the Jamaicans slowly realized, this deal would serve them no purpose, except indebting the nation even further. The island was forced to cut certain government programs and devalue their currency to meet IMF demands. Jamaica was