JIS News

The Government has been lauded for its debt exchange programme initiative by the President of the Jamaica Bankers Association, Minna Israel. She was speaking at the launch of the Jamaica Debt Exchange programme today (Jan 14) at the Bank of Jamaica’s auditorium in Kingston.
Miss Israel said: “We hope that we will see the economic growth and development programme. We recognise that any well designed liability management programme must be part of an economic plan. It’s a partnership, it’s a commitment that we are making, and we are sharing the burden for long term stability and growth”.
The JBA President added that the association is making a commitment through its time and resources for long term stability and growth and is committed as an industry in playing its part.
The Jamaica Debt Exchange is a new debt management initiative which involves the voluntary exchange of existing bonds (excluding treasury bills) issued by the Government of Jamaica in the domestic market for new bonds of the same principal value but which have lower interest costs and longer maturities.
Together with the country’s economic programme, the International Monetary Fund and other multilateral support, the Government of Jamaica will re-set the cost of the country’s domestic debt and spending patterns to a more sustainable level.