JIS News

KINGSTON — Cabinet has given approval for the restructuring of the Debt Management Unit in the Ministry of Finance and the Public Service.

Speaking at April 20 post-Cabinet press briefing at Jamaica House, Minister with responsibility for Information, Telecommunication and Special Projects, Hon. Daryl Vaz informed that the Unit will be fully operational by the middle of the financial year.

He said the restructuring exercise will enable the body to execute the core functions of a debt management office; enhance analytical reporting on the Government’s debt; and enhance capacity building in the area of debt management.

“The disbursement of functions currently performed by the Loan Administration Monitoring and Disbursement Unit is to be subsumed into the Debt Management Unit; and there will be recruitment of personnel with the requisite skills set to enhance the capacity of the Debt Management Unit,” he said.

The Debt Management Unit is charged with responsibility for the management of the public and publicly-guaranteed debt of the Government of Jamaica.

Currently, the Unit is organised by funding source, specifically domestic and external debt, and not along the functional lines as is the practise in modern debt offices.

 

By CHRIS PATTERSON, JIS Reporter