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

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 GrowthJamaica has experienced 10 consecutive quarters of economic growth since the pandemic, with 20 quarters beforeThis is the longest period of unbroken economic expansion in historyThe country has also recorded low unemployment at 4.2%, with 156,000 new jobs created since 2016Debt Reduction and Fiscal ManagementJamaica’s national debt is at its lowest in 30 yearsMajor credit rating agencies have upgraded Jamaica’s creditworthiness to the highest levelsJamaica ranks among the top countries globally in terms of reducing debt burdens over the last decade.Balance of Payments SurplusThe country recorded a balance of payment surplus of US $352.4 million for the fiscal year 2022-2023, the first surplus since 1966Jamaica has achieved a sustainable direction of increasing exports compared to imports, contributing to economic stabilityTax Relief and Policy ChangesNine consecutive budgets presented with no new taxesSignificant increase in income tax thresholds and greater relief to taxpayersReduction 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