Jamaica\u2019s debt-to-gross domestic product (GDP) ratio has increased marginally amid an eight per cent increase in the stock of public debt, the country\u2019s independent fiscal monitor has disclosed.<\/p>\n
At the end of March this year, the stock of debt for the specified public sector \u2014 central government and select self-financing public bodies \u2014 stood at $2.4 trillion, an increase of $179.8 billion year-on-year, according to the latest report by the Independent Fiscal Commission (IFC).<\/p>\n
The IFC is Jamaica\u2019s non-partisan oversight body tasked with monitoring, assessing and reporting on the Government\u2019s compliance with fiscal rules.<\/p>\n
It noted in a 56-page report on the country\u2019s economic performance for the 2025\u20132026 fiscal year that, based on \u201cpreliminary data\u201d at the end of March this year, it \u201cimputed\u201d Jamaica\u2019s debt-to-GDP ratio at 65.6 per cent, up from 62.5 per cent at the end of March last year.<\/p>\n
The IFC, however, acknowledged that the current estimate is below the 68.9 per cent debt-to-GDP ratio projected by the Government in the Fiscal Policy Paper published in February this year.<\/p>\n
It said this is due to a combination of a lower-than-anticipated nominal debt stock and higher nominal GDP.<\/p>\n
Jamaica was on course to achieve a debt-to-GDP ratio of 60 per cent at the end of the current fiscal year before the fiscal rules were suspended in the wake of the devastation caused by Hurricane Melissa last October.<\/p>\n
The IFC noted that amid the suspension, the Government has yet to legislate a new timeline to reach a debt-to-GDP ratio of 60 per cent.<\/p>\n
\u201cThe IFC reiterates that robust fiscal consolidation efforts will be essential to returning the debt to a sustained downward path toward this ceiling,\u201d the report by the oversight body said.<\/p>\n
It said that at the end of the suspension, and in conformity with the requirements of the Financial Administration and Audit Act, the Government is expected to outline these measures in the next Fiscal Policy Paper.<\/p>\n
– Livern Barrett<\/p>\n
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