Prime Minister of Jamaica, Andrew Holness has declared that the country, under his administration, will never go back to an “addiction” to borrowing money.
The Jamaican Prime Minister, while addressing a town hall meeting in Ottawa, Canada said that they have put in place very strong institutions to ensure it is not heavily reliant on the borrowing of money.
According to Prime Minister Holness, the island’s debt-to-GDP was 150 percent, and the country was paying as high as 70 percent of every dollar for debt servicing.
Jamaica’s Prime Minister said that thanks to the work of his administration the nation’s debt is going to be about 74 per cent of GDP at the end of this financial year.
He said there was also a time when the country’s reserves were “less than a billion dollars” and the ability to import seemed to have been at risk.
Currently, the prime minister said Jamaica’s reserves are “the highest they have ever been”, which he said is almost US$4.5 billion.
