Finance Minister Fayval Williams has sought to assure that the Net International Reserves (NIR) which stand at US$6.83 billion as at March 5, 2026, is a significant buffer in the face of rising oil prices which have resulted from the ongoing war in the Middle East.

“If we take the gross rather than the net reserves and measure it in weeks of goods and services imports, that would be 36 weeks, based on the official figures the Bank of Jamaica,” said Williams as she opened the 2026-27 Budget Debate at Gordon House.

She noted that the Budget is being presented “in the midst of a serious war that has sent oil prices soaring on the global market”.

Williams also highlighted that Jamaica imports 100 per cent of its oil either as crude, which Petrojam refines, or as finished products. She said Petrojam projects its sales target at 12.22 million barrels for 2026.

“Add to this the millions of barrels that other suppliers in Jamaica buy for our consumption as households and as businesses,” she said, adding that “the war in the Middle East has layered another risk in terms of rising oil prices on Jamaica”.

It is against the background that the finance minister said the NIR is strong.

“The global international benchmark is 12 weeks, meaning, it’s considered adequate for a country if its gross reserves covers 12 weeks of goods and services imports. Jamaica has 36 weeks. Our NIR is strong!” said Williams.

“I want to say to the Jamaican people and businesses, you can continue to have faith in this government. We have built the largest Net International Reserves of any government,” she continued.