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Jamaica facing tough financial times

Published:Tuesday | December 17, 2013 | 9:05 AM

An international media outlet has declared that Jamaica is teetering on the brink of financial collapse despite its International Monetary Fund deal.

The Financial Times says after two restructurings in three years government debts still amount to 143 per cent of the economy’s annual output.

It notes that Jamaica’s bailout programme could go off course at the slightest shock including tropical storm.

The article also notes that Jamaica is not the only Caribbean country facing tough times.

In an interview with the Financial Times, finance minister, Dr Peter Phillips, said Caribbean countries are lobbying furiously for an extensive international debt relief and investment programme.

However, while acknowledging that the entire Caribbean is in an economic crisis, the Financial Times says the fear is most palpable in Jamaica.

It says around Jamaica there is recognition of the depths of the country’s troubles, and grudging acceptance that the next few years will be difficult.

However, it says there is also widespread bitterness towards the country’s political elite for its management of the crisis.


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