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News
JDX ends at 99 per cent; minister says thanks
Thursday, February 25, 2010
FINANCE Minister Audley Shaw says just over 99 per cent of Government of Jamaica bond holders participated in the Jamaica Debt Exchange (JDX) programme, which ended yesterday.
The minister, who described the JDX as an "unprecedented success", said that the level of acceptance of the JDX made it one of the most successful transactions of that kind on record. He said the support showed the deep commitment to Jamaica by all stakeholders, given the adverse economic climate.
"I wish to express my own profound thanks and to convey the gratitude of the Government of Jamaica to all individual and institutional investors, members of the financial services community, and other stakeholders who contributed towards making the (JDX) a success," said the finance minister in a press release.
The JDX involved the swapping of the bulk of public sector domestic debt notes in exchange for securities carrying lower interest rates and longer tenors. The lower rates are expected to yield an average rate on domestic debt of 12.25 per cent and save the Government $40 billion in its first year of implementation.
In his statement yesterday, Shaw noted that the additional time to repay the debt, allows more for economic restructuring, while lower interest rates should encourage increased investment.
However, he made it clear that the JDX was not a goal in itself and that a framework for a stronger economy remained essential.
"The goal is to establish a framework which will foster major investment, substantial foreign exchange generation, increased productivity and significant job creation. It is the only sustainable way to create better social conditions for all Jamaicans," he said.
"The Government of Jamaica pledges to keep its end of the bargain. We are committed to instituting an ambitious fiscal consolidation strategy, a comprehensive debt management strategy, and reforms to strengthen the financial system," added the finance minister.
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2/25/2010
""The goal is to establish a framework which will foster major investment, substantial foreign exchange generation, increased productivity and significant job creation. It is the only sustainable way to create better social conditions for all Jamaicans," he said."
Mr. Shaw, you need to have a serious talk with your National Security Minister who is playing with criminals. If he doesn't implement harsh punishments for all levels of crime, then you will not see/get the investment you would like.
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