Mon | Dec 18, 2017

Shaw says decline in debt to GDP ratio on target

Published:Monday | August 28, 2017 | 11:31 AM
Shaw ... the Government is being aggressive in reducing the debt, a condition of the current deal with the International Monetary Fund.

Finance Minister Audley Shaw says the debt trajectory under the Government’s economic programme is expected to fall to 108.6 per cent of the Gross Domestic Product (GDP) by the end of the 2017/18 fiscal year.

Currently, the debt stands at 115 per cent of GDP.

According to Shaw, the Government is being aggressive in reducing the debt, a condition of the current deal with the International Monetary Fund.

Meanwhile, Shaw said the report from the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry into the collapse of the financial sector in the 1990s is expected to be completed by November. 

The minister attributed the delay to the volume of documents that had to be examined.

Shaw said when completed, the report is expected to shed light on the collapse of the banking and business sectors and will provide certain lessons to ensure that measures are put in place to prevent this from ever happening again in Jamaica.

The FINSAC Commission was set up in 2008, and more than $120 million has been spent to complete the report.