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
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.
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).
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).
The Minister of Finance and the Public Service is pleased to announce the appointment of Mr. Dennis Chung as Chief Technical Director of the Financial Investigations Division (FID), effective June 2, 2025.
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