Minister of Finance and the Public Service
The Restructuring of Public Sector Compensation
Kingston, Jamaica: Wednesday, March 9, 2022
Fitch Ratings Affirms Jamaica at ‘B+’, Maintains Outlook at “Stable”
Fitch Ratings Agency, today, March 9, 2022, affirmed the Government of Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ and maintained the outlook at “Stable”.
In explaining the affirmation of the “B+” ratings, Fitch highlighted factors driving the ratings action including Jamaica’s favourable business climate, consistent fiscal policy efforts to lower the debt burden, and continued deficit reduction bolstered by a 15.4 percent growth in revenues between April and December 2021. Fitch also noted that measured refinancing of debt will continue to lower debt service costs. Additionally, the Ratings Agency cited healthy reserves underpinned by a strong growth in remittances, where gross international reserves recorded at end-FY2021 was US$4.8 billion.
The outlook reflected Fitch’s expectation that the debt-to-GDP will return to a downward trajectory supported by the Government’s actions to run high primary surpluses.
Dr. the Honourable Nigel Clarke, Minister of Finance and the Public Service, in commenting on the rating action said, “This affirmation of Jamaica’s credit rating by Fitch, even as the war in Ukraine unfolds, is tangible demonstration of the confidence of international investors in Jamaica and the resilience of our economy.”
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
Officers of the Revenue Protection Department (RPD), with assistance from the MajorOrganised Crime and Anti-Corruption Agency (MOCA), last week, arrested and charged Rhemalee Wint-Lewis, Tax Auditor of the Tax Administration Jamaica (TAJ) for breaches of the Corruption Prevention Act.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke has announced that it is no longer necessary for the Government of Jamaica to provide support for the salaries of SSL staff members; an insurance claim made by the Temporary Manager of SSL in April of this year, to SSL’s insurers in England, has now been settled. SSL received the insurance payout of US$1 million on Thursday, September 7th, enabling SSL to settle the remainder of their August staff salary bill last week Monday, September 11.
Standard and Poor’s Global Ratings, today, September 13, 2023, upgraded the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) from ‘B+’ to ‘BB-’ with a stable
outlook.
The Financial Investigations Division (“FID”), is using the proceeds of assets confiscated under Jamaica’s proceeds of crime legislation to fund the extraordinary expenses it incurs in the SSL fraud investigation. These funds do not constitute tax revenue. These funds arise from the FID’s work in identifying, restraining, forfeiting and monetising the proceeds of crime. That is, these funds arise from the confiscation of ill-gotten gains.
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