Finance Ministry gets $69.83 Billion for the Repayment of Loans

An allocation of $69.83 billion has been made to the Ministry of Finance and the Public Service to repay debts, as outlined in the 2010/11 Estimates of Expenditure, which was tabled in the House on March 25.
About half of that figure, or $34.87 billion, will go towards repayment of Jamaica Dollar Benchmark Notes issued under the Jamaica Debt Exchange (JDX) initiative.
Another $27.1 billion has been provided to cover the repayment of short dated Treasury Notes issued by the Government for Budgetary financing and investment by the public. The provision also includes the early redemption of investment bonds that did not participate in the JDX initiative.
A little more than $4 billion is provided for the repayment of debt instruments either denominated and payable in United States Dollars, or indexed to the United States Dollar rate of exchange, issued in the local market by the Government.
There is also an allocation of $2.58 billion for meeting principal payments arising out of the invocation of government guarantees on internal debt.
Some $810 million has been allocated to cover the repayment of rescheduled loans. Loans were originally extended f or the importation and sale of agricultural commodities, such as rice, wheat, flour and corn for the government ‘s Nutrition Programme.

JIS Social