JIS News

Prime Minister the Hon. Bruce Golding, will outline details of the Government’s debt management programme in an address to the nation tonight (Jan. 13).
The nationwide broadcast will be aired on all radio and television stations at 9:00 pm.
The highlight of the Prime Minister’s address will be the Jamaica Debt Exchange, to be launched tomorrow (Jan. 14) at the Bank of Jamaica Auditorium downtown Kingston. It is designed to save the country $40 billion in interest payment on domestic debt over the next financial year.
The exchange offer is seen as integral to the Medium Term Economic Programme, which is being developed in partnership with the International Monetary Fund (IMF).
The programme is aimed at bringing into a sustainable range, the amount of Government resources devoted to servicing local debt, and reducing the debt in a manner that is fair to all holders of Government paper.
Jamaica is seeking US$1.2 billion in standby facility support from the IMF to plug the balance of payment gap created by the loss in foreign exchange revenues.

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