Much of the discussions on the S&P rating downgrade from B- to CCC+ suggest it was premature, given that in recent months Jamaica’s credit profile has improved steadily.
In language echoing that of other senior government officials, central bank governor Derick Latibeaudiere branded Standard & Poor’s downgrade of Jamaica as premature and unwarranted,…
Jamaica’s central bank has maintained its forecast for a decline in output of between three and four per cent this fiscal year, but said that inflation could be up to two percentage points lower than previously projected.
The Government is committed to addressing the country’s fiscal problems. However, this will require difficult choices.
EVEN AS discussions continue for Jamaica to resume a borrowing relationship with the International Monetary Fund (IMF), the way has been cleared for the country to get approximately US$320 million (J$28.5 billion) from the fund by early next month.
Remittance inflows to Jamaica have already dropped close to 16 per cent since January, and a multilateral agency is predicting that money transfer markets will continue to slide and that the drop would be widespread across Latin America and the Caribbean region.