KINGSTON, Jamaica— Young Jamaica (YJ) in a statement on Wednesday congratulated the ruling Jamaica Labour Party (JLP) Administration for achieving a significant milestone in Jamaica’s economic journey.
YJ, the youth arm of the JLP, also acknowledged the party’s leader Prime Minister Andrew Holness for his work in transitioning the country’s economic outlook from a stable to a positive position.
It also highlighted the long-term issuer and senior unsecured ratings which have been upgraded from B2 to B1 by Moody’s Investor Service; with the senior unsecured shelf rating also seeing an improvement from (P)B2 to (P)B1.
“This achievement is not just a feather in Jamaica's cap; it is a testament to the unwavering commitment of the JLP government to economic reform and the pursuit of a more resilient and prosperous nation. Jamaica's fiscal journey towards an enhanced credit rating has been characterised by comprehensive reforms, sound fiscal policies, and a steadfast approach to addressing economic challenges, led by the Minister of Finance, Mr Nigel Clarke,” YJ said.
“The upgrade to B1 reflects the nation's improved economic stability, reduced borrowing costs and heightened investment attractiveness, marking a triumph for Jamaica's pursuit of prosperity. The elevation to B1 is not an isolated achievement, as the Government continues to celebrate remarkable financial successes. On October 18, 2023, the Statistical Institute of Jamaica (STATIN) reported that in July 2023, the unemployment rate reached an unprecedented low of 4.5 per cent, marking a historic milestone for our nation,” the youth arm added.
“Moreover, our economy remains a source of surprise for our competitors, consistently reducing public debt and forging a resilient economic landscape. Our debt is well on its way to reaching only 75 per cent of GDP in the first quarter of 2024, a significant drop from its previous peak of 145 per cent,” Young Jamaica noted.
YJ also noted that the country’s international reserves have surged by 56 per cent since 2020, and pointed out that the milestones have been attained without any tax increases in the past six budgets.
“We express our deep appreciation for the relentless commitment and unwavering dedication of the Jamaica Labour Party to fiscal responsibility and structural reform. The recent positive outlook upgrade by Moody's Investors Service stands as a clear testament to these tireless efforts, and we wholeheartedly congratulate the Jamaica Labour Party on this remarkable accomplishment,” the statement read.
The YJ added that while Jamaica continues on its journey towards economic resilience and growth, “we eagerly anticipate witnessing the nation reaping the rewards of this upgraded rating through enhanced investor confidence in Jamaica's economic prospects, increased investment, expanded job opportunities, and an improved standard of living for its citizens.”
- Balford Henry