jam-flag-2b

Government of Jamaica

jam-flag-2b

Government of Jamaica

S&P Upgrades Jamaica from ‘B+’ to ‘BB-’, Outlook Remains “Stable”

Hon. Nigel Clarke, DPhil., MP
Hon. Nigel Clarke, DPhil., MP

Ministry of Finance and the Public Service

Audit Committee Performance Evaluation guideline (ACPE tool)

­­­­­­­­­­­­­­­­­­­­­Kingston, Jamaica: Wednesday, October 18, 2023

Moody’s Investors Service, today, Wednesday, October 18, 2023, upgraded the Government of Jamaica’s (GOJ’s) long-term issuer and senior unsecured ratings from ‘B2’ to ‘B1’ and revised the outlook from Stable to Positive.

The decision to upgrade the rating reflects Moody’s analysis that the GOJ, faced with various external shocks, maintained a steadfast commitment to sustainable fiscal policy anchored on Jamaica’s medium term debt target. The ratings agency cited that the Government of Jamaica successfully reversed the increase in debt levels caused by the COVID-19 pandemic and effected fiscal policies that supported the continued improvement in debt metrics. Jamaica’s debt level is now well below pre-pandemic levels, declining more than 30.0 percentage points to 78 % in 2022 from the 110 % recorded in 2020 and is expected to continue that downward trajectory.

The outlook’s revision to ‘Positive’ reflects the Agency’s assessment that a sustained positive fiscal trajectory stemming from reforms undertaken to improve fiscal, monetary and economic policy effectiveness will continue to bolster the country’s credit resilience.

Responding to the ratings upgrade, the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke stated, “ Today’s credit rating upgrade by the international credit rating agency Moody’s is yet another testament to the effectiveness of the GOJ’s economic policy framework in improving Jamaica’s economic independence and creating an environment that is attractive to investment and that supports jobs and growth. Our economic policy framework has been principled, unwavering and disciplined, even in the face of monumental adversity in the form of the COVID-19 pandemic. Today, the Jamaican economy is stronger as a result. We must do everything to preserve and maintain these gains.”

                                                                   -end-

For further information contact: 

Corporate Communication & Public Relations Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

Kingston 4

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

Leave a Reply

Stay up to date.

Sign up our newsletter for latest articles and news.

Stay up to date.

Sign up our newsletter for latest articles and news.

More Than USD 1.7 Trillion In Public Procurement Opportunities Available Through Regional Trade Agreements and the WTO GPA

Philippe Pelletier, Legal Affairs Officer at the World Trade Organization (WTO) has announced that USD 1.7 Trillion in value of the market access is available annually under the WTO Government Procurement Agreement (GPA). He was speaking during the second day of the Elevate Procurement Conference which is being held at the Montego Bay Convention Centre from April 23-25, 2024.

Read More »

Jamaica, International Financial Institutions, Donors Collaborate on Establishing a Programmatic Approach to Finance Climate Needs

The Government of Jamaica (GOJ), the Development Bank of Jamaica, the Green Climate Fund (GCF), Inter-American Development Bank (IDB), the World Bank Group, European Investment Bank as part of Team Europe, USAID, and the United Kingdom, are discussing a framework to establish a ‘Blue Green Facility’ –a blended financing structure–of up to USD 500 million over five years, which would include a contribution from the Government of Jamaica. Such a programmatic approach will help catalyze climate finance by introducing systematic, coherent, and scalable approaches towards adaptation and mitigation needs.

Read More »

Consolidated Update on SSL

The fraud at Stocks and Securities Limited (“SSL”) is of public interest. The Financial Investigation Division has reported that the fraudulent schemes are now estimated to have
affected over 200 accounts and the extent of the fraud exceeds $3 billion in value.

Read More »

Lorem ipsum dolor sit amet, consectetur adipiscing elit.