By Rochelle Williams
KINGSTON, Jamaica, (JIS) – After almost a decade of fiscal restructuring, Jamaica is on a path to achieving a debt-to-gross domestic product (GDP) ratio of below 70 percent by the end of the 2024/25 fiscal year.
“We have managed, as a country, to reduce our debt-to-GDP from the highest it got from 147 percent. Now we are expected to close this fiscal year at the end of March 2025 at below 70 percent,” said finance and the public service minister, Fayval Williams, addressing members of the diaspora during the recent ‘Let’s Connect with ambassador Marks’ virtual discussion session. “Coming from 147 percent to 70 percent in less than a decade is a remarkable achievement,” the finance minister said.
Jamaica’s transformation from debt restructuring to a model of fiscal stability makes it an attractive destination for investment. Minister Williams noted that while the country’s credit rating is considered below investment grade, the outlook is positive.
“Jamaica is an example of economic stability and responsibility,” the minister added, “International institutions have looked on Jamaica, they have looked at our debt reduction, tax reform, our monetary stability and have publicly given us passing grades. It was only last year that the rating agencies, after doing their analysis on Jamaica, raised their ratings on us. [Currently] we are just below investment grade rating and, of course, we have our sights on [attaining] investment grade rating.”
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