KINGSTON, Jamaica – The Jamaica Chamber of Commerce (JCC) on Thursday applauded the unprecedented upgrade in ratings of Jamaica’s long term financial outlook from B+ to BB- by the international rating agency Standard & Poor.

Michael McMorris, president of the JCC stated that this is a significant milestone in Jamaica’s journey to economic sustainability and national progress.

“Plaudits go to the people of our country who have had to accept a significant level of sacrifice and forbearance. Kudos to the leadership by the administrations of the Government of Jamaica over the last decade for engineering and inspiring the necessary discipline in our fiscal expenditure and improving the structure of our economy,” he said.

“Applause must also go to the business community as the engine of the economy for their essential contribution through taxes and employment, and foreign exchange from our exporters of goods and services. Let us also commend their perennial dedication to social cohesion through their philanthropic commitments as well,” McMorris added.

McMorris stated that “as with all countries, Jamaica’s ability to decrease the cost of borrowing is essential to reduce the expense involved in trying to improve our socio-economic situation.”

“Better ratings can mean lower interest rates and better terms for borrowing from lenders. Expenditures that would have been interest costs can now be redirected to be spent on solutions that benefit the immediate social welfare of the people or be put toward the structural improvements in areas such as education, security and or industrial development – all of which can and will make our lives better over time,” he argued.

“We look forward to the Honourable Prime Minister and Minister of Finance, both who continue to play a starring role in our fiscal comeback story, explaining to the people how they intend to secure and direct this meaningful dividend to the benefit of us all. Such a conversation is crucial to ensuring the commitment of the people to support the economic choices being made every day. Many of our social ills stem from the fact that people do not feel enough of the benefit of these hard-won gains and greater participation in the conversation can go a long way,” he continued.

McMorris added: “finally, we urge our business community to be inspired by this story of fiscal discipline and rigorous attention to making the right choices. At the level of the firm under the right conditions there will also be a dividend of lower borrowing costs to finance growth in international trade and inward investment. Let us use it to build the efforts in our internationally competitive industries at home and abroad to further deliver on the confidence in our financial management being embraced across the world.”