JCC says Jamaicans must be told how they will benefit from country's improved credit rating

The Jamaica Chamber of Commerce (JCC) is applauding Jamaica's upgraded credit rating from Standard and Poor's, but says the Government must explain to Jamaicans how they will benefit from the development.

on Wednesday, it was announced that S&P had raised Jamaica's long-term financial outlook from B+ to BB-, the best rating the country has ever received from that entity.

In a media release on Thursday, the JCC said this is a significant milestone in Jamaica's journey to economic sustainability and national progress.

However, it said Prime Minister Andrew Holness and Finance Minister Dr Nigel Clarke must explain to Jamaicans "how they intend to secure and direct this meaningful dividend to the benefit of us all."

"Such a conversation is crucial to ensuring the commitment of the people to support the economic choices being made every day. Many of our social ills stem from the fact that the people do not feel enough of the benefit of these hard won gains and greater participation in the conversation can go a long way," the JCC said.

The JCC noted that the improved ratings can mean lower interest rates and better terms for borrowing from lenders.

"Expenditures that would have been interest costs can now be redirected to be spent on solutions that benefit the immediate social welfare of the people or be put toward structural improvements in areas such as education, security...or industrial development," the private sector group said.

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