Business Content Jamaica- Bringing Jamaican Business News To Your Desktop

Wed, 08 February 2012

Jamaica turns down debt relief offer Print E-mail
audley_shaw.jpgMindful 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.

Share

Comments (0)Add Comment
feedSubscribe to this comment's feed
min/maxShow/hide comments

Write comment
smaller | bigger

security code
Write the displayed characters


busy
 
[ Back ]


Follow us on Twitter

Subcribe to our RSS feeds

advertisements

Advertisement

Advertisement

Advertisement

Advertisement

Last updated: 08 February 2012

Home
Jamaica Business Consultant Wants Shift In Thinking.

Quick Vote (Poll)

Do you feel that Jamaica's economic environment is becoming more entrepreneur-friendly?
 
Would you welcome the introduction of an alternative, private energy company?
 
Has the lowered import duties on motor vehicles prompted you to buy, sell, or trade-in your car?
 
Dexter scores big win in 2011 Young Investors competition!

article thumbnail

Our Young Investors Stock Market Competition has ended for 2011 and the highlight of the year was of course, Dexter Smith's dominant display. Smith won each of the four quarters impressively with [ ... ]


+ Read More
Investment Opportunities for Jamaicans

article thumbnail

Pan Caribbean believes that even with the changed interest rate regime; the impact of the Jamaica debt exchange; and the buffeting Jamaica has taken from global recessionary trends, there [ ... ]


+ Read More
Young Investors: Despite Break, Dexter Still Dominant

article thumbnail

A confident Dexter Smith has taken a break, maintaining a cash-only portfolio worth over JA $1.2 million and a virtually unassailable lead in the final quarter of the Young Investors' Stock Market Co [ ... ]


+ Read More
Home