Jamaica Will NEVER go Back to an ‘Addiction’ to Borrowing Money Under His Adminstration – Says PM Holness
In a resolute address to a diaspora town hall meeting in Ottawa, Prime Minister Andrew Holness has committed his administration to breaking free from the cycle of heavy borrowing and emphasised the importance of responsible debt management and economic transformation.
Holness passionately stated: “Right now we have put in place very strong institutions to make sure that Jamaica does not go back to this addiction to borrowing.”
He highlighted that around a decade ago, Jamaica’s debt-to-GDP ratio stood at an alarming 150 percent, with an onerous burden of 70 percent of every dollar going toward debt servicing.
Holness commended the collective effort of political parties, independent bodies, religious organisations, and civil society for recognising the significance of effective debt management.
This commitment has resulted in a substantial reduction in the debt-to-GDP ratio, with the figure expected to drop to approximately 74 percent by the end of the current financial year.
Notably, the Prime Minister recalled a time when the country’s foreign reserves were critically low, creating concerns about Jamaica’s ability to meet its import obligations.
He also proudly declared that the nation’s reserves have reached an all-time high, nearly reaching US$4.5 billion.
Holness affirmed that his government remains resolute in its commitment to sound economic and fiscal management, with fiscal discipline as a pivotal component of their strategy.
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