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Ministry of Finance and the Public Service
Audit Committee Performance Evaluation guideline (ACPE tool)
Kingston, Jamaica: Tuesday, March 6, 2024
Fitch Ratings Agency, today, March 5, 2024, upgraded Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’, with the outlook remaining “Positive”.
The rating upgrade results from the Government’s continued commitment to a stable economic policy framework underpinned by the Bank of Jamaica’s inflation-targeting monetary policy as well as sound fiscal management anchored on debt reduction targets. The Ratings Agency, through its press release, highlighted the Government’s commitment to delivering large primary surpluses, which has supported a significant reduction in Jamaica’s debt burden.
The Positive Outlook reflects the expectation of continued improvement in debt metrics and further deepening of the policy framework over the medium-term.
Fitch’s rating action is the third upgrade for Jamaica in FY2023/24, following positive actions by Standard and Poor’s Global Ratings on September 13, 2023 and Moody’s Ratings on October 18, 2023.
Dr. the Honourable Nigel Clarke, Minister of Finance and the Public Service, in commenting on the rating action said, “This credit rating applied by Fitch is the highest rating that the Government of Jamaica has secured from Fitch since Fitch started rating Jamaica’s debt eighteen (18) years ago. This is yet another testament to the effectiveness of the Government’s economic policymaking framework in improving Jamaica’s economic independence and fostering an economic climate that is conducive to growth and jobs. We must now ensure that we leverage these improvements to benefit all Jamaicans.”
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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
I note with much regret the pre-dated media release of August 14, 2025 shared by the Jamaica Teachers’ Association (JTA) today (August 15, 2025). While it is disappointing that the members of the JTA’s leadership choose not to continue the discussions at today’s meeting that they demanded, the Ministry of Finance and the Public Service (MoFPS) remains committed to the matter of Wage and Fringe Benefits negotiations.
The Ministry of Finance and the Public Service welcomes Jamaica’s invitation to participate in the Financial Action Task Force (FATF) “FSRB Jurisdictions Guest Initiative.” This prestigious invitation was extended by FATF President Ms. Elisa de Anda Madrazo and will allow Jamaica to sit at the FATF table under its own flag and contribute to the organisation’s key policy discussions and working groups over the course of one year.
Minister of Finance and the Public Service, Hon. Fayval Williams, has today advised that the movement of up to three (3) increments in the substantive salary scales for all eligible public sector workers will amount to an increase in basic salary of approximately 7.5% for most public sector workers. She has contrasted this agreement with the norm before the comprehensive salary reform of 2022, in which only one (1) increment would be made in a year, and such a move was also tied to receiving 75% or more on the Performance Management and Appraisal System (PMAS).
Finance Minister, Fayval Williams, notes comments in the public domain concerning the appointment of Mr. Dennis Chung as Chief Technical Director (CTD) of the Financial Investigations Division (FID) and a proposal that the Government inserts itself into the process by over-turning the recommendation of the Office of the Services Commission (OSC).
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