Minister of Finance and the Public Service
Audit Committee Performance Evaluation guideline (ACPE tool)
Hon. Nigel Clarke, DPhil., MP, (2nd left) Minister of Finance and the Public Service and Lilia Burunciuc (2nd right), World Bank Country Director for the Caribbean Countries sign a loan agreement to support the Jamaica Social Protection for Increased Resilience and Opportunities Project during a visibility ceremony at the ministry on Tuesday, June 11, 2024. Looking on are Collette Roberts Risden (left), Permanent Secretary, Ministry of Labour and Social Security and Dr. Jaime Saavedra Chanduvi (right), World Bank Human Development Director for Latin America and the Caribbean Region.
Kingston, Jamaica: Monday, February 24, 2025
Fitch Ratings Agency, on February 21, 2025, affirmed the Government of Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-’, with the outlook remaining “Positive”.
According to Fitch’s press release, the rating affirmation is underpinned by the Government’s “strong governance, significant progress with debt reduction, sound fiscal framework and strong commitment to deliver large primary surpluses.” The Agency noted that while weather-related events impacted the economy, Jamaica is expected to realize a projected primary surplus of 5.0 percent for FY2024/25, due in part to the proactive disaster risk financing policy, which facilitated a one-off payment from the Caribbean Catastrophe Risk Insurance Facility (CCRIF).
Fitch anticipates that debt-to-GDP will remain on a downward trajectory, in line to meet the target of 60.0 percent or less by FY2027/28. There have also been noted improvements in Jamaica’s external position, with official international reserves increasing by approximately US$900.0 million to US$5.6 billion at the end of 2024.
In commenting on the rating action, Minister of Finance and the Public Service, the Honourable Fayval Williams, said, “I am more than pleased to know that international rating agency, Fitch, has affirmed Jamaica’s rating at BB- with a continued positive outlook. Despite all the negative weather-related shocks to the economy, Fitch recognizes that the government remains steadfast in its commitment to meet the 60% debt/GDP target which is the primary anchor for the fiscal policy being pursued by the Government. The Rating and Positive Outlook affirmations are significant for Jamaica.”
-end-
For further information contact:
Debt Management Branch
Ministry of Finance and Planning
30 National Heroes Circle
Kingston 4
Tel: (876) 932-5419
Email: cheryl.smith@mof.gov.jm
Contact: Cheryl Smith
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
Fitch Ratings Agency, on February 21, 2025, affirmed the Government of Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-’, with the outlook remaining “Positive.”
The National Health Fund (NHF) excelled at the Corporate Governance Awards copping several awards across different categories including the prestigious Greta Bogues Award for Excellence in Corporate Governance during the Public Bodies’ Corporate Governance Awards held at the Jamaica Pegasus Hotel on Wednesday, December 4, 2024.
Three (3) exceptional civil servants were awarded for their outstanding contribution to the public sector during the Government of Jamaica (GOJ) and the First Heritage Co-operative Credit Union (FHCCU) Civil Servants of the Year and People’s Choice Awards held at the Terra Nova All-Suite Hotel on Friday, November 15, 2024.
Hon. Fayval Williams, MP, Minister of Finance and the Public Service says the government will be leveraging artificial intelligence (AI) to improve and enhance audit committees in Jamaica. She was delivering remarks during the Government of Jamaica’s 2024 Audit Committees’ Conference at the Summit Kingston on Thursday, November 7, 2024.
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