Minister of Finance and the Public Service
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Hon. Nigel Clarke, DPhil., MP, (2nd left) Minister of Finance and the Public Service and Lilia Burunciuc (2nd right), World Bank Country Director for the Caribbean Countries sign a loan agreement to support the Jamaica Social Protection for Increased Resilience and Opportunities Project during a visibility ceremony at the ministry on Tuesday, June 11, 2024. Looking on are Collette Roberts Risden (left), Permanent Secretary, Ministry of Labour and Social Security and Dr. Jaime Saavedra Chanduvi (right), World Bank Human Development Director for Latin America and the Caribbean Region.
Kingston, Jamaica: Thursday, September 25, 2025
Standard and Poor’s (S&P) Global Ratings, today, September 25, 2025, upgraded Jamaica’s long-term foreign and local currency sovereign credit ratings from ‘BB-‘ to BB,’ while its outlook remains “Positive”.
The rating reflects S&P’s assessment of Jamaica’s strengthening institutional and policy frameworks, supported by consensus across both political parties and various economic sectors on macroeconomic policies focused on debt reduction. It is the Agency’s expectation that the Government will remain committed to the legislated debt-to-GDP target of 60.0 percent or less by March 2028, following a track record of sustained primary surpluses, that has supported the steady reduction in debt. S&P further noted that Jamaica stands out as the only country among 141 rated sovereigns to achieve an annual primary surplus above 3.0 percent of GDP for 10 consecutive years, despite experiencing major shocks such as the pandemic and climate-related events.
The positive outlook stems from S&P’s expectation that continued primary surpluses will allow the Government to meet the debt target in the fiscal responsibility law earlier than planned, with expected continued declines in the Government’s debt burden.
The Honourable Fayval Williams, Minister of Finance and the Public Service, commented on the rating action stating, “The Standard & Poor’s credit rating upgrade to double B (“BB”) is a very positive development for Jamaica and puts us closer to hurdling the bar to an investment-grade rating. This rating action acknowledges the government’s unwavering commitment to fiscal discipline, while also focusing on making investments that will lead to higher GDP growth and thus provide a sustainable and improved quality of life for Jamaicans.”
Minister Williams also said the continued Positive Outlook is a strong signal from S&P about Jamaica’s prospects.
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September 25, 2025
For further information contact:
Debt Management Branch
Ministry of Finance and Public Service
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
Standard and Poor’s (S&P) Global Ratings, today, September 25, 2025, upgraded Jamaica’s long-term foreign and local currency sovereign credit ratings from ‘BB-‘ to BB,’ while its outlook remains “Positive”.
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).
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