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JLP to host press conference on Petro-Caribe debt buy-back

Published:Tuesday | August 4, 2015 | 12:00 AM

The Opposition Jamaica Labour Party (JLP) will host a press conference this morning to address, among other things, the contentious PetroCaribe debt buy-back which it claims is bad for the economy.  

The press conference will take place at 10:15 at the JLP's Belmont Road headquarters in St Andrew. 

Opposition Spokesman on Finance, Audley Shaw, is expected to deliver the main address. 

A JLP statement says he will speak on matters relating to the Government's management of the economy, particularly the recent PetroCaribe debt buy-back.

Some analysts say the buy will give the government the fiscal space to pursue growth in the economy and push for changes to the economic programme with the International Monetary Fund, 

However, the Opposition has argued that it is bad policy to take loans at higher interest rates to clear loans with lower interest. 

Deputy Spokesperson on Finance, Fayval Williams, says Jamaicans will be paying approximately $12.7 billion annually to service loans raised on the capital markets.