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
The third staging of the Ministry of Finance and the Public Service’s (MOFPS) National Budget Secondary School Tour is set to engage several schools in the parish of Clarendon. The Ministry rolled out this leg of the school tour with a launch at Glenmuir High School which included students from Denbigh High School on Tuesday, April 8, 2025.
The Ministry of Finance and the Public Service and the Jamaica Confederation of Trade Unions (JCTU) signed a Supplementary Agreement on September 12, 2024. Among the matters agreed in this Agreement is the movement of specific public sector employees along their substantive salary bands effective April 1, 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.”
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.
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