Jamaica might be best known for its sunny beaches, reggae music and world class athletes such as Usain Bolt. But this Caribbean island nation of 2.9m is increasingly garnering international attention for something less boast-worthy : its crippling debt crisis.
In a television address late Monday, the country’s prime minister Portia Simpson Miller said the government will launch a restructuring of its local debt – its second in three years – as it looks to stave off a “serious economic crisis” and secure a credit line from the IMF. Continue reading »
If only the economic performance of the Caribbean matched the sporting prowess of its athletes.
The Caribbean may be sunnier than Europe, but it shares many of the Old Continent’s problems – namely anaemic economic growth, uncompetitive economies and burgeoning debt burdens. Continue reading »
Jamaica may have one of the biggest debt burdens in the world, but a new issue of some US $250m-$500m is rumoured to be just around the corner.
Although it was expected to be announced last week, it never was, seemingly because of difficulties in deciding what pricing the international market might find most attractive. Still, with any luck it won’t be too long now. Continue reading »
If policymakers in the US were already irked by China’s growing influence in a region they traditionally considered their “backyard”, news on Monday will only have contributed to their unease.
Caribbean countries, however, will be delighted that the state-run China Development Bank is to lend them some $1bn to finance infrastructure projects, given that economic troubles in their traditional sources of investment like the US and Europe are hampering growth. Continue reading »
What awful timing. Just when Jamaica seemed to be turning a corner, after making a milestone deal with the IMF in February, this had to happen.
The chaos in Kingston (with almost 30 killed in drug-related violence since a state of emergency was declared last Friday) threatens to seriously undermine the Caribbean island’s all-important tourism industry. Continue reading »