Debt on Downward Trajectory

Photo: Rudranath Fraser Finance and the Public Service Minister, Hon. Audley Shaw (right), addresses a press conference at his Ministry at the National Heroes Circle in Kingston on August 25. At left is State Minister in the Ministry, Hon. Rudyard Spencer

Story Highlights

  • Minister of Finance and the Public Service, Hon. Audley Shaw, has informed that the debt trajectory under the Government’s economic programme is expected to fall to 108.6 per cent of the gross domestic product (GDP) by the end of the 2017/18 fiscal year.
  • Meanwhile, Mr. Shaw said the report from the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry into the collapse of the financial sector in the 1990s is expected to be completed by November. 
  • The FINSAC Commission was set up in 2008, and more than $120 million has been spent to complete the report.

Minister of Finance and the Public Service, Hon. Audley Shaw, has informed that the debt trajectory under the Government’s economic programme is expected to fall to 108.6 per cent of the gross domestic product (GDP) by the end of the 2017/18 fiscal year.

Currently, the debt trajectory stands at 115 per cent of GDP.

Speaking at a press conference at his National Heroes Circle office in Kingston, on August 25, Mr. Shaw noted that “we’re on a pretty aggressive downward trajectory in terms of our debt as a percentage of gross domestic product”.

“As a result of the latest debt operation, total debt will decline by US$58.5 million,” the Minister pointed out.

Meanwhile, Mr. Shaw said the report from the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry into the collapse of the financial sector in the 1990s is expected to be completed by November.

The Minister attributed the delay to the volume of documents that had to be examined.

“The volume of information that had to be sorted is much more extensive than was originally estimated. We’re talking about thousands and thousands of pages of testimonies from the various people of the Enquiry, so it’s taking longer,” he said.

Mr. Shaw informed that when completed, the report is expected to shed light on the collapse of the banking and business sectors and will provide certain lessons to “ensure that measures are put in place to prevent this from ever happening again in Jamaica”.

The FINSAC Commission was set up in 2008, and more than $120 million has been spent to complete the report.

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