*********This good standing whey Portia seh she left the government in………remember bonds will have to be paid back so a debt same way……..IMF debt a clear and we ina one next debt immediately ***************
The International Monetary Fund (IMF) says it supports the Government’s decision to sell some of its debt.
“The buyback is firmly anchored in the goals of the Government’s reform program. It’s an important step in reducing the value of the country’s public debt and will help to put debt firmly on a downward trajectory,” said Gerry Rice, IMF Director, Communications Department.
Speaking with international reporters Rice said that the Washington-based financial institution “welcome the Jamaican Government’s proactive move to manage its debt and its continued commitment to economic reform.
“The IMF fully supports the transaction,” he said.
Jamaica Thursday sold US$2 billion dollars in bonds to help pay down debt owed to Petroleos de Venezuela SA under the PetroCaribe programme, the oil initiative Caracas has with several Caribbean islands.
Jamaica sold US$1.35 billion in bonds due 2028 to yield 6.75 per cent and US$650 million of notes due 2045 to yield 7.875 per cent.
Jamaica said in a filing Thursday that it plans to spend US$1.5 billion of the proceeds to pay down debt owed to state-owned PDVSA.
Jamaica’s total debt under the program is about US$3 billion. Market sources said that since the PetroCaribe programme was conceived in 2005 by then President Hugo Chavez, Venezuela has sold more than US$28 billion of oil to Caribbean and Central America countries that pay for only a portion of the bill upfront and finance the remainder at one or two per cent over 25 years.
Jamaica’s credit was raised by two rating companies in the past two months. Standard & Poor’s lifted Jamaica to B from B-in June, saying the island is making progress in lowering debt levels that remain among the world’s highest.
Moody’s Investors Service raised its grade by one level on May 28, saying the government’s commitment to fiscal reform should help fuel economic growth in the next two to three years.
Bank of America Corp. and Citigroup Inc. are managing the sale. Jamaica last tapped global markets in July 2014, selling US$800 million of 10-year notes. The remaining proceeds of the sale will be used for general budgetary financing.
Rice told reporters, that looking ahead the IMF believes that the “full implementation of the ongoing economic reform programme…should help maintain access to international financial markets at favourable terms.
“We see the program as being on track and Jamaica just recently completed the 8th review,” he added.
I would love it if Jamaica was not involved with the IMF as nothing good has ever come out of relationship with them. However, there is nothing unusual with the portion that pertains to the bonds. That’s business as usual for all of the world’s leading countries.
Notice the part that pertains to the country’s credit ratings. That is a positive improvement that cannot be disputed. In this political relay, I just hope that the new government will be able to improve on the current situation–one the baton is received.
But Lali this is like covering a festering sore…The U.S has bonds too and they represent debt.
Met, you are correct; this is the same problem the Americans have when they sell bonds–especially to foreign interest. Here is how I look at it Met, 2028 is a long way from now and if the country can survive today, they then have the opportunity to improve their standing.
Governments primarily secure fund by means of taxation and the sale of securities/bonds. Without the correct credit ratings, the country will not be able to grow, as they will not be able to trade/borrow.
So guess what, Andrew has never been given a real opportunity to prove himself, the young and the educated have more of a say in the electoral process, hence, the odds are that with better governmental transparency and policies, the country might just turn things around.
As Bruce Golding suggested, maintain or improve the junior stock exchange, attract foreign business, along with what Andrew is proposing and we should realize some positive results. Jamaica just need to shed this culture of losing and this culture of being perpetually Third World. We can’t win if we don’t have a winning mentality.
Met, you are correct; this is the same problem the Americans have when they sell bonds; especially to foreign interest. Here is how I look at it Met, 2028 is a long way from now and if the country can survive today, they then have the opportunity to improve their standing.
Governments primarily secure fund by means of taxation and the sale of securities/bonds. Without the correct credit ratings, the country will not be able to grow, as they will not be able to trade or borrow.
So guess what, Andrew has never been given a real opportunity to prove himself, the young and the educated have more of a say in the electoral process, hence, the odds are that with better governmental transparency and policies, the country might just turn things around.
As Bruce Golding suggested, maintain or improve the junior stock exchange, attract foreign business, along with what Andrew is proposing and we should realize some positive results. Jamaica just need to shed this culture of losing and this culture of being perpetually Third World. We can’t win if we don’t have a winning mentality.
Suh met with all of this….they will still be in debt tho. Suh is when Jamaica ago free from debt?
Never
Morning Met.
Never is correct.
Instead of traveling to negotiate trade n industry p did busy a aucution off Jamaicans per head.
Not even a mitsubishi assembly plant she couldn’t carry back from Japan or a damn noodle factory from China??
PP
All she carry back a some big rock stone bout dem mek chiney garden a hope zoo whey people haffi pay $150 just to view
@Anon, never a truer statement. I’ve never seen anything like it…everyone else in other countries go an carry back even an small ting….smh. I don’t really feel P ever understood her role and what was expected….
Let’s discuss ideals, given our current situation, what’s the alternative?
Start producing
Produce what and where is the capital going to come from?
Portia seh she set up that so maybe Holness will find it where she left it. She been borrowing, selling and taxing so some money must be there
Mexico found the what and where by capturing U.S. factories through calculated negotiations. Jamaica van more yhan do that while training the people in the basics of technology.
Met this is/was a good thing becuz they are in effect reducing the debt n boosting investor confidence n consumer confidence that comes with the rating agencies upgraded ratings!!! This is by far better than Shaw who doubled the debt while boasting that he got the loans at cheap rates (6-7%) as opposed to pnp’s dangerous apetite for double digits interest rates loan!!!
That is the perfect n fitting example of taping over festering sore cuz the debt was going up regardless,Peter was paying it down!!!#facts..142 debt ratio to gdp n when Peter did that it came down to 121% I think.Lalibela can confirm since him only deal with facts too lol
@yardielovethug, LOL! Debt deferment is nothing new and it is actually a good look–given the context and all. What would have been bad, is if we made bonds available and there were no buyers. This is a sign of confidence–something that we desperately need.
Sweet baby Jesus, me sorry fe Andrew and the JLP. Just like before the cupboard is empty. Jlp is going to be under scrutiny and pressure to reverse the damage done by the PNP. And just like before pnp and the public are going to expect miracles. I hope the Jamaican public can excercise patients. This decay didn’t happen overnight it took years, and is going to take time to turn the country around. Hopefully Jamaicans will allow the new administration the time they gave the pnp to screw things up, to rectify the numerous mistakes made.
Sweet Andrew fi dash out everything whey PNP do…so that people know what dem voting for
Sweet, are you here to discuss the contents of this article or as usual, you are bringing your non sequitur diatribe? Why is it so hard for people to stay on topic? Yuh sorry fi Andrew Holiness because Jamaica’s credit ratings have been significantly improved?
Met, do you honestly believe that there is no value in not one thing that the PNP government did? Burn fire but burn fire responsibly.
But Lali Sweet right no man..how u gonna say that and Sweet did a talk to me? As to PNP…maybe we have different views as to what value is…I dont see the value they brought to Jamaica after Manley. P.J left no legacy and neither did Portia. So what value are you talking about? Burn which fire?? The PNP has been in power more dan half Jamaica’s independence and in my life time a two time mi know of JLP in power so any damage do to Jamaica…is PNP. Seaga sold us out to the CIA but so did the PNP………
this is way 1.5 caan work people which country in the world have FREE HEALTH CARE, FREE EDUCATION AND NO INCOME TAX FOR 1/3 OF THE WORKING FORE NAME THAT COUNTRY????? ME WANT TO SEE THIS
OC, I share your concern; unless the economy were to grow exponentially, which leads to a proportionally increased tax revenue, the government will not be able to foot this bill. I with Andrew and his government all the best.
And as for Moody’s and their “ratings….” :cool …but that’s for another time…
Do you have an issue with Moody’s rating system or better yet, if you do, do you honestly believe that you can go around them?
After the 2008 fiasco..yes mi have a big issue with them..but in truth, and I know this, there is NO getting around them. That’s what makes it all the more intolerable…it’s just all one big cesspool of corruption.
Metti a from when Lalibela become JMG moderator if I want to have my diatribe as dem put it I am free to do so. I can’t stand psuedo intellectuals that want to manipulate and control my freedom of speech and I was not even speaking to that person. I know I said Metti before my diatribe. Please Kali or lally please to kiss me ass and low me I was not addressing you :bola
Sweet Lali nah moderate ooo..mek a go read di comment cause it slip mi
Sweet, you are deplorable at best. In the following diatribe, I don’t see any mention of Met’s name:
“Sweet baby Jesus, me sorry fe Andrew and the JLP. Just like before the cupboard is empty. Jlp is going to be under scrutiny and pressure to reverse the damage done by the PNP. And just like before pnp and the public are going to expect miracles. I hope the Jamaican public can excercise [sic] patients. This decay didn’t happen overnight it took years, and is going to take time to turn the country around. Hopefully Jamaicans will allow the new administration the time they gave the pnp to screw things up, to rectify the numerous mistakes made.”
How can we have a serious or meaningful dialogue if we are all over the place with what we are saying and bring things to the table that have nothing to do with the subject matter. Honestly, Am I the only one who find such to be counter productive?
She did address me , now with that being said…Because Sweet is not pro PNP…u seem to have an issue..why?
And if you must know, Sweet is one of the biggest supporter of Manley’s ideals/ideas/dreams/visions. So please mi a beg u nuh bada hop har back. We are not tribalists that will ride the wave out with any one party until death. We dont worship people Lali ……….because we know there are higher beings than us humans/mortals.
Plus Sweet deh right yasso wid me from day zero, seven years strong..And u really draw har out first so nuh talk bout deplorable or wadever word u use cause she never did a talk to u Lali , that nuh right. We nah support the present PNP n that is that. We nuh business if uno waa support dem
Met come on, pro PNP, have I ever said anything good about PJ on here and have I never castigated Portia on here? I am no pro PNP at all.
Lali u neva know much bout P.J till wha day..he was still Percival for u maybe until u hear seh him do deep sea diving. I will not say the selling of bonds were clever , we will still be in debt…………she sold the bond……sold the resources……..borrow money……taxking patty etc…where is all that money going Lali? Hospitals still dont have equipment ………Jubilee still dont have enough beds and is an over crowded maternity hospital???Whey di money a go?????????
Met, I will always contend that post Michael Manley, the PNP has mostly represent failure–you and I have always agreed there. However, if we were to remain on topic, an improved credit rating is a very good thing, Forbes ranking Jamaica as the best Caribbean country is a very good thing. Jamaica’s Stock exchange being the world’s performing stock exchange last year is a very good thing.
Met, I am responding to the comments that Sweet posted here. I don’t agree with her today and her views on Michael has nothing to do with this. I have agreed with her in the past and it is plausible that I will agree and disagree with her in the future. My agreements are not affiliation based.
Met it is the same with you, we don’t agree on everything and we should not expect to agree on everything. Has that stopped me from respecting you? No not at all, I am still here on a daily basis for the past few years.
I dont care bout Forbes ranking Lali, U.S have good credit and is in debt just the same. Borrowing from one to pay the other could never be good…When Jamaica cant pay back that 60mil dem credit gone bad again????? Portia only do that fi save a little face for a short period of time, there was nothing clever about selling bonds. The U.S have dem gold comes what may..We do not have any gold to tide us over if anything and di little hint of gold portia was planning and may have already sold that mine.So please dont tell me about Forbes because Im not stupid
Wait deh..so Lali if mi borrow from one credit card and pay off a next one..just to make sure the credit card company nuh penalize me, so I pay off that one..and still owe pan di other…how is that ever good though?? I dont get it
Met, it is business as usual, there is nothing seminal in what the PNP did. Companies restructure and defer payment all the time. Especially when they are looking for a more favorable climate to repay respective loans.
This is not a PNP defence; they are complicit in the destruction of Jamaica.
So to defer payment is a good thing den Lali?? Mi wudda think dem defer payment fi buy time. And if PNP a buy time then they must invest..but di 4/5 billion they were trying to invest last year…dem suspect di investment minister was up to no good so we dont hear what happened there….Its time for these old heads to go and let some younger people come in with new ideas cause what they are doing not working
Met, the so-called US debit is a function of trade, bonds and other means of monetized references. Do you know if a Democracy/Capitalist market system that is not in debt.
When countries trade, they don’t exchange currency and that is why the US is in so-called in debt to China, the trade deficit. Hence, countries always attempt to control trade deficits.
Debt-fee or being in debt, relative to Capitalism is a misnomer. If not for the system of credit–borrowing and lending–most countries would still be living as if it is feudal times.
Our issue in Jamaica has to do with the mismanagement of resources–PNP and JLP.
Lali debt is debt and Im sure , that the so called debt is not what makes the country function. The U.S realized when they did shoulder the debt of the world war it brought down the economy so bonding is a way to keep it afloat. You are right when u say trading ups the standard of living for some countries but debt is not a trade and that is what PNP is shuffling/trading.The bonds the PNP sold are simple economics and not no trade system or capitalist function. Portia sold the debt to try to lure investors through the superficial ranking by Forbes…..But why doesn’t the government invest in itself because there is hardly any investment to be made in Jamaica…………..only likkle call center work………..u cyah even seh build more hotel because u haffi go lure more people fi come so that bond buying/selling..whateva it is…is just a waste of time
So because me only deh ya fi like 5 or so years I can’t speak my mind? Met, how yuh a gwaan like seh I man a some blind PNP supporter, when you should know better than that?
I read what Sweet wrote and none of what she uttered pertained to the subject matter. What’s the sense in posting different materials, if individuals are all over the place talking about whatever.
A years mi deh ya a respect what yuh a do, please don’t make it seem as if I am some staunch PNP advocate on here.
Mi never seh yuh cyah talk yuh mind Lali..but u jump pan Sweets first and she was talking to me and responded …saying that she was talking to me..If Sweet nah post pan di subject matter according to u Lali she did a post pan di subject matter me and har did a talk bout so maybe das y u did not get her drift. Ure not an advocate of the PNP..U do admire them …right now them not ina no grace wid me Lali n mi cyah see no good ina dem so mi a go always a fling all kinda dart offa dem zummmmmmmmm zummmmm ..
Met, we a go drop this, based on what she wrote and how this blog is formatted, how would I know that she was talking to you? Please look at the quote that I provided, do you honestly think that I should have known that she was talking to you?
Met, hear yuh a come talk bout seh mi never much bout PJ. We have all heard the many rumours about him being gay–rumors. I wrote off Percival Noel James Patterson from the Shell scandal. Hence, I haven’t paid him much attention.
Oh ok :ngakak
Lali sorry mi jus see seh sweet never call me name but ina di two a we mind we did a talk to each other cause u notice mi response..hush :kiss but in any case u response to her neva right needa same way man
Metti thank you but I got this. Yes latti me deplorable, despicable and anything else you want to call me. Me not impressed with your diatribe as a matter of fact you can come grater me. With your posturing give me a f**king break. Please don’t come for me I didn’t send for you. I’m normally a nice person but you are a pompous ass. Who thinks you can take big words and bully people move you nassyness and Gweh. Only small minded insecure people such as yourself would have even made a comment about my statements. Yes Metti I feel is because my nah bow and gesticulate fi him goddess Porschia it a carry belly fimi. Please go run fi office and do something for Jamaica and stop ride me
Sweet, just cool nuh man, stop belittling yourself. You mentioned that I should kiss your ass and it is for that reason why I stated that you are deplorable. Don’t make it seem as if I am a conformist of any kind. Everything is relative, words that are big to you are small to others.
You are the one who is manifesting insecurities, not me. Pure amnesia, where did this notion come from that I am a Portia advocate? All that I have done is disagree with that which have been stated here and you are mad for that.
Please mitigate your hyperboles and conjectures. Note that I am far from myopic so please stop while you are ahead. Also, please don’t get it twisted, I don’t come on here to gossip or participate in a popularity contest. My modus operandi is a function of enlightening the ones. Hold di peace a satta.
Oh where oh where is bammy n pp fi come tone down the rhetoric??? Mek me go read over a 3rd time so me get fully what lalibella, sweets and u a say Met b4 me comment cuz sometimes wha eye no see heart no leap!!! Help simplicity!!!!!!!!!!
@Yardielovethug, LOL
Metti I apologize for my diatribe, Dwl. You know I don’t usually react in this manner, but really dat person get me daggaz, that’s why more time me read and keep me black ass to miself. These new people too abrasive for me, you cannot talk dem want to nyaam you raw, disrespectful and bright. Kmt
Sweet Lali deh bout di yazeeeeeeeee bout 5 years fi true..Him not new…a jus di politics :nohope
LOL, Met hear wah I man bun, Kartel, and political and social corruption. Yuh done know that. I like what I like and believe what I believe; however, I will always remain steadfast to facts/the truth.
Metti, I never disrespect anyone in the 7 yrs me deh yah. And what I will not do is Mek people come bully me linguistically or in any fashion. That being said let me go the federal government nah pay me to blog, love you Metti later
:kiss love u too
Sweet, seriously before you go, how did I disrespect you? You are the one who told me to kiss your ass after I wrote the following:
“Sweet, are you here to discuss the contents of this article or as usual, you are bringing your non sequitur diatribe? Why is it so hard for people to stay on topic? Yuh sorry fi Andrew Holiness because Jamaica’s credit ratings have been significantly improved?
Met, do you honestly believe that there is no value in not one thing that the PNP government did? Burn fire but burn fire responsibly.”
At any rate, no hard feelings; it is all about one love.
Lali this is the part that was offensive :- or as usual, you are bringing your non sequitur diatribe?
In all honesty, nothing that she stated pertained to this topic and as such, I don’t see how that is regarded as being offensive when it is true. Non sequitur is not offensive and diatribe in itself is not not negative. I am confused right about now.
yardie.. dem yah thread yah bigger than mi level a reason ability and understanding, suh duh a beg nuh call mi ova yah fi cum fass inna weh mi caan even read :kiss
:ngakak :ngakak :ngakak :ngakak, is wah Simplicity, u fraid dem put u innah non sequitur diatribe debackle group mumz..dwl? me too….woiee mi bodeeeh…
Si mine yah:
Prime Minister Andrew Holness.. may the good Lord be above you for blessings, below you for support when di other side and even those in di party a try backstap yah, before you for guidance caz di road ahead tuff, ruff and chop off suh it need fi bill back, beside you for comfort when dem try persecute you caz u a try and it nahn happen fast enough fi dem caz dem a just a wait fi drop a dutty, and inside of you for sustenance, because you going to need it fi help wi country and people get outah dem yah debt, pan top a debt yah, hungar, sellouts and then some. Omen…
Hush! Uno done now, I wasn’t going to say nothing on this post, but I really hate when the regulars a war,through me is the kind of person who love to defend my own, mi nuh like the war within the family, so Sweet and Lalibela uno stop it now man,uno nuh bother with the back and forth, and mek :peluk the thing escalate. And mi nuh want to come back over here, and mek mi mek it clear, I am very happy that Andrew is the new Priminister, I don’t have to worry about the mess, I am a PNP, and when the party mess up, it stressed mi out,so mi luv, I am feeling very happy. Lol so mi a beg uno please don’t disturb mi happy mood, wid uno neg neg. :toast :kr :peluk
A di big humongous words dem a beat me simplicity!!!but me tek mi time figure dem out cuz sweets a say big n and Lalibela a say humongous! Sorta like smaddie a say I’m going to use the bathroom n a next person say yo me gone “shyt”!!
Me read it n ketch di rake likkle enuh cuz it more or less is a misunderstanding cuz sweet name fit har fi true n the FACT is Lalibela is no tribalist…..but him will war u to the very death fi Manley!!!99% a we rate Manley’s vision if not the man himself n his methodology but he really really tried to advance Jamaica n he is the only PM Inna Jamdown histrie name never call pon tiefing or fattening himself!!
PJ was in guiness book of world records fi being the mawgaest PM n look how him n him pension fat when he left office!!! When last unno look pon Peter phillips pants waistline n shaw did need a special seat fi siddung Inna when jlp did Inna power 2007!!
Jus mek we live good pon ya plz n don’t go r come Afta we one anneda!!lets stand vigil fi di tribalist anons dem cuz thru met believe Inna free speech dem a run eeen hard from the other day!! Peace out n Carry on fambily!!
@Sketelbam, everything is cool on my end. Sweet, I am very fastidious in my ways, I don’t like chaos and it is for that reason why I was asking you to stay on topic.
Perfect love as usual–we will agree and disagree in the future; however, let’s keep it civil.
@yardielovethug, much respect. You are on point. A year now mi deh ya so and the reason why I came here is the first place, per Google, this was the only place that had the information that I was looking for.
Mi naw go nowhere.
Oh n to prove mi point bout the anon just go look fi unno self pon di petagaye post that Met closed tiday!! In all my days on this earth I couldn’t imagine me live fi see an anonymous a tell Met she bias n she mus get the eff outta here!!!!
Remember a di lady’s site n smaddie really come tell her what to put up n post n comment say n becuz she don’t dweet dem sey she must come off Her OWN sITE!!!!! So I guess anon woulda stary run jmg now then!!
Mi know unno love laugh esp Saranwrap but tell her if unno see her that anon upset me so much that me done fi tiday!! Saranwrap know a my style that cuz me can’t bother wid di back n forth wid sick rhatid ppl!!!!
Histrie me say!!! Peace out till a mawning good ppl!!no sah!!!!!!FoH!!!no sah!!!
Sweets an lali may jus gi a new meaning to war of words loll
Mi nuh up to par intelectually to be in this dialogue either!!! :hammer affi sit dis thread out :kr
Lali, i think the part of your post that may have been somewhat offensive to sweet was the “as usual, you are bringing”… which suggest an history of a certain type of behaviour.
the Debt swap was a good thing, equivalent of getting a credit union loan to pay off a credit card.