National debt of Jamaica is at its lowest in 30 years: PM Holness

Friday, 29th March 2024

Jamaica: During a recent budget address, Prime Minister Andrew Holness listed out a number of advances which have been made in Jamaica as a country. He noted that the country has ranked among the top countries globally in reducing debt burden over the last decade with the debt being at its lowest in thirty years. While providing the address, he said, “I would like us to just think about the advances we have made as a country. These advances are for You, and it doesn’t matter what your politics is. Your country has been through a lot, and we are finally at a place where it can give back to you.” He also asked the citizens to keep working together as his administration is working to build Jamaica and added, “There is no challenge that faces Jamaica that God has not endowed us with the strength and wisdom to overcome.” Some of the achievements which Jamaica experienced, as announced by PM Andrew Holness, were as follows: Economic Growth Jamaica has experienced 10 consecutive quarters of economic growth since the pandemic, with 20 quarters before This is the longest period of unbroken economic expansion in history The country has also recorded low unemployment at 4.2%, with 156,000 new jobs created since 2016 Debt Reduction and Fiscal Management Jamaica’s national debt is at its lowest in 30 years Major credit rating agencies have upgraded Jamaica’s creditworthiness to the highest levels Jamaica ranks among the top countries globally in terms of reducing debt burdens over the last decade. Balance of Payments Surplus The country recorded a balance of payment surplus of US $352.4 million for the fiscal year 2022-2023, the first surplus since 1966 Jamaica has achieved a sustainable direction of increasing exports compared to imports, contributing to economic stability Tax Relief and Policy Changes Nine consecutive budgets presented with no new taxes Significant increase in income tax thresholds and greater relief to taxpayers Reduction in property transfer taxes, stamp duties, asset taxes, and the general consumption tax (GCT) Pension relief in the latest budget, along with adjustments to import duty allowances

Monika Walker

Monika Walker is an experienced journalist specializing in global political developments and international relations. With a keen eye for accuracy and analysis, Monika has been reporting for over a decade, bringing stories to light that matter to readers around the world. She holds a degree in International Journalism and is passionate about giving a voice to underrepresented communities through factual reporting.