JIS News

Story Highlights

  • Government will avoid seeking funding from the capital markets for as long as is possible.
  • The country should be able to meet major scheduled debt payments for the next calendar year.
  • Dr. Phillips said as conditions improve real Gross Domestic Product (GDP) growth will return.

Minister of Finance and Planning, Hon. Dr. Phillips, says the Government is holding strain and will avoid seeking funding from the capital markets for as long as is possible, as it continues to exercise strict fiscal management.

“It’s a situation that we keep under review…we are trying to remain outside of the need to go to the capital markets for as long as possible…what we want to do is demonstrate not only a capacity to live within our means, but to finance ourselves from identifiable resources from the multilaterals, to the fullest extent possible,” he stated.

Dr. Phillips, who was speaking in the House of Representatives on Tuesday (October 1), said the country should be able to meet major scheduled debt payments for the next calendar year, without having to go to the international capital markets.

Meanwhile, in his statement on Jamaica’s first review under the International Monetary Fund (IMF) Extended Fund Facility, Dr. Phillips said as conditions improve, structural reforms make an impact, and investor confidence grows, real Gross Domestic Product (GDP) growth will return.

“We remain hopeful that we will see a return to growth starting in the second quarter of the fiscal year,” he said.