Tue, 07 September 2010
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| Jamaica turns down debt relief offer |
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 Mindful of the possible negative impact on Jamaica's
credit rating, the Jamaican government has turned down a private-sector led
initiative aimed at relieving the government of its short-term debt service
costs.Minister of Finance Audley Shaw confirmed this in a statement August 18, 2009 and said the Jamaican government was taking steps to deal with its fiscal challenges and that such steps will be presented to Parliament in the form of early supplementary estimates. Shaw did not provide details of the proposal, but said after careful consideration and mindful of the uncertainty in the market, the government took the decision not to accept the offer. However, informed sources told businesscontantjamaica.com that the terms of this offer were similar to one made by a leading financial institution. The proposal was to exchange short-term high-yielding government debt instruments for longer tenure instruments at lower interest rates. However while appreciating that offer, the government turned it down on the basis of the negative perception this could project to the rating agencies and Jamaica's creditors in general. |
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