Jamaica’s Stock of Debt Declines  

• Jamaica’s debt stock decreased over the 12 months between March 2022 and February 2023.
• Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, advised that total public debt fell from $2.18 trillion in March 2022, to $2.16 trillion last month.
• He provided the update during Wednesday’s (March 1) meeting of the Standing Finance Committee of the House of Representatives, whose members were reviewing the 2023/24 Estimates of Expenditure.
• Clarke further indicated that Jamaica’s debt service obligations for 2023/24 will be lower than those for the current fiscal year. He noted that last year, the principal repayment on our debt was $162 billion and forecasts $125 billion in 2023/24,
• The debt-to-GDP ratio is projected to be down to about 74.2% at the end of the 2023/2024 fiscal year. As the government continues to lower its debt-to-GDP ratio, it expands its fiscal capacity to spend more on productive activities to bolster economic growth.

(Source: JIS News)