The value of the Jamaican currency has fallen by more than seven dollars year to date. This will help stimulate exports and regain lost competitiveness, International Monetary Fund (IMF) director Gian Maria Miles-Ferretti argued last week.
JAMAICA’S public debt stood at $1.81 trillion (134.1 per cent of GDP) at the end of March. It increased from $1.66 trillion (131.5 per cent of GDP) a year before, due largely to financing of the fiscal deficit, which totalled over $72 billion. But 46 per cent of the increase in the debt was due to the depreciation of the Jamaica dollar.
‘Bang Belly’ Economy – Shaw Claims Present State Of Affairs Hostile To Growth
Opposition Spokesman on Finance Audley Shaw yesterday charged that Dr Peter Phillips, the finance minister, was managing what he characterised as a “bang belly” economy that would not generate growth.