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74%The level of

the Jamaicanworkforce not

certified to do thework in which they

are engaged.

IMF-JamaicaCalendar

2014

DDeecc 2211 Tenth test results and SDR

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2016

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THIS WEEK’S

BIGNUMBER:

THE GLEANER, WEDNESDAY, NOVEMBER 26, 2014

Check here weekly for calendar updates

McPherse ThompsonAssistant Editor – Business

THREE TECHNOCRATShave suggested that itwould be unwise for the

Government to deviate from the7.5 per cent of gross domesticproduct (GDP) primary surplustarget agreed under Jamaica’seconomic support programmewith the International MonetaryFund (IMF).

In separate press briefingsover the past week, Bank ofJamaica (BOJ) Governor BrianWynter; director general of thePlanning Institute of Jamaica(PIOJ), Colin Bullock; and IMFmission chief to Jamaica, Dr JanKees Martijn, were askedwhether the target should not belowered in view of recent sug-gestions along that line.

“The position that I have indi-cated ... is that we’ve madeprogress,” said Wynter, addingthat “there’s still work we haveto do. We know where we needto be on the fiscal side and weknow that we are not there. Wealso know how to get there andthat’s to pay down debt. And theway to get there is” to run con-sistent fiscal surpluses.

“That’s the programme. Ithasn’t changed,” he added.

Wynter, addressing the quarterlybriefing on monetary policy, saidone of the arguments put forwardfor lowering the primary balance is

that it is a way to achieve greatereconomic growth.

CAN’T SWITCH

He acknowledged that a dis-cussion about the level of theprimary surplus was not some-thing from which to shy away.“But, my point is that you can’tstart and say this is what I’mdoing, with all the reasons wegave and all the sacrifices andcommitments people havemade, and then little way into ityou say, ‘Well, I’ve changed mymind. I want to do somethingdifferent’,” the central bankgovernor reasoned.

Bullock, fielding questionsfollowing his review of the eco-

nomic performance for the quar-ter to September, said he wasnot aware of any initiative onthe part of the Government torenegotiate the parameters ofthe IMF programme.

He accepted that the 7.5 percent fiscal surplus target waschallenging and that it hasimplications for what theGovernment can do. “On theother hand, there is the reality ofthe public debt,” he said, notingthat servicing that obligation inthe past has now absorbed alarge portion of the budget.

“The way we look at the pro-gramme is that there is tremen-dous sacrifice upfront,” Bullocksaid. “But that sacrifice is neces-

sary to actually reduce that pre-emption of governmentresources by debt. So in otherwords, the fiscal adjustment, it ispainful in the short run, it is evendeflationary in the short run. Butit is a sacrifice which, if we cansustain, will lead us to a placewhere Government will be usingless of its budget to service debtand will have more resources topay its workers, buy ambulances,buy police cars, equip schools asthe case may be.”

Dr Martijn, in a statement fol-lowing the mission’s sixthreview under the IMF pro-gramme, urged the Governmentto maintain the 7.5 per cent primary surplus.

Asked to expound on the rea-son in light of suggestions that itshould be renegotiated, he saidthe Government has embarkedon the programme to correctimbalances caused by expendi-ture over the years whichexceeded revenues.

STAY THE COURSE

“Debt is coming down andthe investor community hasnoticed,” Dr Martijn said. “Wethink it’s very important to staythat course, not only becauseyou want to get debt levelsdown ... to reduce the vulnera-bilities that come with it, butalso to signal that the promise ofimprovement is taken very seri-ously so that investors can bereassured of Jamaica’s commit-ment to improving the situation,which is a critical part ofimproving investor confidence,which, in turn, comes back toensure sustainable economicgrowth, which is the ultimateobjective,” he explained.

“Relaxing those constraints atthis early stage might do moreharm to growth than good,” DrMartijn added.

According to the Government’slatest fiscal policy paper, the2014-15 Budget was developed in harmony with the objectives of the medium-term economic programme.

The focus, therefore, was onstrategies geared at maintainingthe primary surplus at 7.5 percent of GDP, equivalent to$121.27 billion, as an opera-tional instrument for achievingthe objective of reducing thedebt and maintaining it at sus-tainable levels.

mcpherse.thompson@gleanerjm.com

‘Too early to relax primary surplus target’

Colin Bullock, director gen-eral of the Planning Instituteof Jamaica.

FILE PHOTOS

Head of the InternationalMonetary Fund mission toJamaica, Dr Jan Kees Martijn.

Bank of Jamaica GovernorBrian Wynter.

For technical support or consultation on the use of limestone contact thetechnical department at 922-3639 (92-CEMEX).

For reference, here are some important test standards:• ASTM C 29 Standard Test Method for Bulk Density (Unit Weight)and Voids

• ASTM C 33 Standard Specification for Concrete Aggregates• ASTM C 40 Standard Test Method for Organic Impurities• ASTM C 117 Standard Test Method for Materials Finer than 75-μm(No. 200)

• ASTM C 127 Standard Test Method for Density & Absorption ofCoarse Aggregates

• ASTM C 128 Standard Test Method for Density & Absorption ofFine Aggregates

• ASTM C 131 Standard Test Method for Resistance to Degradationby Abrasion

• ASTM C 136 Standard Test Method for Sieve Analysis

Advt.

One of the biggest problems users face when building with concrete isthe potential of an alkali-silica reaction. This reaction forms a gel thatexpands in the concrete which results in cracks and other defects. Thisrisk can be minimized by using limestone aggregates which arecomposed of high calcium oxide (CaO) and low magnesium oxide(MgO) content. River aggregates have a higher risk of being reactivehence often trigger this chemical reaction.

In Jamaica river aggregates (wash sand, gravel etc.) is often usedinstead of limestone aggregates. This has become a common practiceas the necessary technical information has not been available for endusers (residential / commercial). Minimal quality control and a lack ofknowledge have resulted in a bad perception of a great product.

CEMEX, one of the biggest material suppliers in the world, has over377 quarries and 1,921 concrete plants worldwide which mine limestoneand produce ready mix concrete with limestone. It is no secret thatJamaica is heavily rich in good quality limestone. The time has come todebunk the fears of its use. CEMEXʼs limestone based ready mixconcrete is guaranteed to be equal in strength or stronger than its riversand counterpart.

Another major concern is the environmental impact that the mining ofriver aggregates poses compared to limestone aggregates production.Riverbed mining can cause extensive erosion and often leaves theriver-plains much more vulnerable to flooding because it allows looselandmass to be washed downstream. This type of mining can alsocause salt water (sea) intrusion into rivers, damaging riverineecosystems. These can severely impact the ecological equilibrium of ariver and damage plants and animals.

Limestone in most cases is as good as or better than river aggregates.It is important to understand that every quarry has different standardsof quality. What users need to know is the basic information of whatmakes up a good aggregate for construction and its use in concreteproducts. This responsibility falls on the supplier, however, whenpurchasing aggregates, users seldom ask to view the supplierʼs qualitycertificate. This document should show the basic characteristics suchas: Density, Absorption, Unit Weight, Granulometric Distribution,Abrasion and others. These results should meet the regulatorystandards of the respective country. One example of such standard isthe American Standard for Testing Materials (ASTM).

LIMESTONE VS. RIVER AGGREGATES

For more information pleace call876-92-cemex (876-922-3639)