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Fitch Ratings, on Tuesday February 16, upgraded Jamaica's long-term local and foreign currency Issuer Default Ratings (IDR) to B-. The rating outlook was also upgraded from "Negative" to "Stable". This follows the downgrade in January, when the long-term local currency IDR was downgraded to "C" and the long-term foreign currency IDR was affirmed at "CCC." The revision in the ratings...

The Government has announced that it has amended the Final Settlement Date for the Jamaica Debt Exchange (JDX) Offer to Wednesday (February 24), to complete processing of Old Note interest payments and finalise processes for issuing New Notes through the Bank of Jamaica. A release from the Ministry of Finance and the Public Service on Monday (February 15) stated: The...

Research conducted among countries that implemented a debt exchange in recent years, indicate that the Jamaica Debt Exchange (JDX), with a 97 per cent compliance to date, may well be among the most successful debt swap initiatives in the world. The expert opinions of financial analysts and market watchers indicate that in January this year, the Government of the Republic...

In response to concerns regarding the Bank of Jamaica's (BOJ) net financing of $20.6 billion to Government in the October-December, 2009 quarter, the Bank has reiterated its policy position that it will not be a source of deficit funding for the Government going forward. BOJ Governor Brian Wynter, during the monetary policy report for the quarter on Wednesday (February 10),...

Minister of Industry, Investment and Commerce, Hon. Karl Samuda, has called on the banking sector to take a more holistic approach in facilitating borrowers to be more successful in repaying their loans. "There is the practice in the banking community where if you owe money to a lending institution, to go to another to secure a loan to consolidate all...

Minister of State in the Ministry of Finance and the Public Service, Senator the Hon. Arthur Williams, has emphasised that the social partnership required to achieve national transformation, will only be realised when there is "true and genuine" communication among stakeholders. Speaking at a conference for communication professionals in the public sector, held at the Office of the Prime Minister,...

The Government will be allocating $27 billion in the 2010/2011 Budget to cover the cost of the administration's exiting responsibilities for Air Jamaica. "We are hopeful that before we get to the new financial year, we would have secured an arrangement for the privatisation, if not, the arrangements for its closure would be triggered by April 1, 2010," Prime Minister,...

The Government of Jamaica (GOJ) in its Letter of Intent (LOI) to the International Monetary Fund (IMF) on 15 January 2010, formally requested a 27-month Stand-By Arrangement with the IMF for SDR820.5 million (US$1.25 billion), the equivalent of 300 per cent of quota. A LOI is a formal document outlining an agreement between two or more parties before the agreement...

Despite weak demand in the global and domestic economies and uncertainty in the financial markets about a loan from the International Monetary Fund (IMF), the Jamaican economy remained relatively stable during October-December, 2009. However contraction in the domestic economy was estimated at between two and three per cent, during the review quarter, and is projected to decline in the range...

Minister of Education, Hon. Andrew Holness, is suggesting that government consider sharing credit information with financial institutions abroad as it seeks to recover money borrowed by students to complete their tertiary education. He was contributing to the debate on the Credit Reporting Bill in the House of Representatives yesterday (February 9), which, among other things, provides for the sharing of...

The House of Representatives yesterday (February 9) passed legislation that will allow for the sharing of credit information between specified financial institutions and enable creditors to make better lending decisions. The Credit Reporting Bill, which was passed with 42 amendments, also provides for the licensing and supervision of a credit bureau, and other connected matters. Piloting the bill, Minister of...

Minister with Portfolio responsibility for the Public Service, Senator the Hon Arthur Williams, met on Monday (February 8) with the members of the Police Federation at the Ministry, National Heroes' Circle, Kingston. However, due to Mr. Williams having to attend the weekly sitting of Cabinet, the meeting was shortened and another one has been scheduled for 2 pm on Wednesday...