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“We are emboldened by our recent collective experience where the application of societal resolve towards achieving fiscal sustainability has borne much fruit,” said Mr.
Lee Chin of the encouraging trend in dept-to-GDP ratio.
“Our request to move to a precautionary arrangement is a sign of strength and reflects the policy credibility and strong macroeconomic management of the Jamaican government,” Mr. Since 2009, Jamaica’s credit rating has improved from CCC to B (S&P and Fitch), and from Caa1 to B3 (Moody’s), while Bloomberg ranked Jamaica’s stock exchange as the best performing in the world.
“I’m really impressed with what they’ve done to attract capital to the market,” Carl Bennett, a vice president of investor relations at Bank of New York Mellon, told Bloomberg.
With the compounded impacts of the crisis and the passage of Hurricane Sandy which hit the country in 2012, the currency has continued to depreciate, while Jamaica’s public debt rose from 110.9% of GDP in 2007 to 136.6% in 2015, through lending by the World Bank, the Inter-American Development Bank (IDB) and the IMF for a total of nearly US billion.
Already the largest source of foreign exchange, they could play a greater role in investment, knowledge transfer and mentorship, through engagement policies using the Jamaica Diaspora Foundation.
Since taking office in March of 2016, Prime Minister Andrew Holness has established an Economic Growth Council, headed by investor and philanthropist Michael Lee Chin, chairman of the National Commercial Bank of Jamaica (NCB), to advise the government on the best economic policies with a goal of reaching 5% annual GDP growth by 2020.
With a population of 2.8 million — roughly equivalent to that of Chicago — Jamaica has the largest workforce in the English-speaking Caribbean.
Tackling this issue is therefore a crucial component of the country’s ongoing socioeconomic transformation.
The first step to solving a problem is recognizing it.