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Finance Minister hosts press conference on Petrocaribe deal

Published:Monday | August 10, 2015 | 8:15 AM
Phillips.... maintains that the deal will improve cash flow in the economy and reduce Jamaica's debt stock which could mean a relaxation of the measures under the country's agreement with the International Monetary Fund.

The Finance Minister, Dr Peter Phillips, is to further defend the controversial Petrocaribe debt buyback when he hosts a press conference at his Heroes Circle office today.

READ: Phillps rubbishes JLP on Petrocaribe

Last month, Jamaica raised about $2 billion dollars from two bonds it issued on the international capital markets. 

The Opposition has attacked the decision arguing that taxpayers will be burdened with repayments of millions of dollars a year because the government raised money at high interest rates to clear a debt that had an interest rate of just under two per cent interest.

The Opposition spokesman on Finance, Audley Shaw has also argued that the government has not revealed all the details surrounding the deal.

READ ALSO: Shaw says Petrocaribe debt deal will hurt taxpayers 

The government has maintained that the deal will improve cash flow in the economy and reduce Jamaica's debt stock which could mean a relaxation of the measures under the country's agreement with the International Monetary Fund.