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
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.
The Independent Fiscal Commission Act, which establishes an Independent Fiscal Commission for monitoring and maintaining Jamaica’s adherence to the country’s fiscal responsibility laws, was passed in 2021.
The Government of Jamaica is pleased to announce that it has secured US$480 million in the Government of Jamaica’s first structured securitisation transaction in international capital markets. The transaction involved the securitization of the portion of the Norman Manley International Airport revenue that is due to the GOJ.
This statement is in response to a media story today.
The multi-billion Stocks and Securities Limited (“SSL”) fraud, which dates back to at least 2010, and which only came to light in January 2023, was a punch to the gut for all Jamaicans. The magnitude of the fraud, its duration and the fact that the victims included several elderly Jamaicans, as well a beloved icon, shocked the nation. I shared and still share those emotions.
Stay in the know with everything going on at the Ministry of Finance and the Public Service by subscribing the MOFPS INSIDER magazine.
Stay in the know with everything going on at the Ministry of Finance and the Public Service.