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Caribbean & Central America - September 2014 (ISSN 1741-4458)
JAMAICA: Talk of default risk rejected
The fact that Argentina defaulted on its foreign debt at the end of July prompted some speculation that Jamaica might also be at risk of default because of the size of its public debt (132% of GDP). This, in turn, prompted Finance Minister Peter Phillips to declare: “What I can say definitely is this: we have a programme of debt reduction supported by the International Monetary Fund. There is no risk of default in our programme and we are very confident. We have performed well under the program.” The IMF agrees that Jamaica is progressing well, and the fact that Jamaica was able to raise US$800m in the international bond market in July, at a coupon rate of 7.625%, is a sign of relative confidence from international lenders.
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