Finance Minister Audley Shaw is welcoming a Fitch Ratings agency’s revision of Jamaica’s economy from “stable” to “positive”, indicating that it was confirmation that the country is moving in the right direction.
Fitch has affirmed Jamaica’s long-term foreign and local currency Issuer Default Ratings at ‘B’ and revised the outlook from “stable” to “positive”.
The rating action was predicated on the improvements in the macroeconomic and fiscal indicators. The ratings were also supported by the country’s structural strengths, such as relatively high income per capita and social indicators, policy consensus, and relatively strong institutional capacity.
Commenting on the positive report Minister Shaw indicated that it had been a long struggle, as with the programme with the International Monetary Fund, the Government had to maintain fiscal discipline.
The macro-economy he said, is moving in the right direction; the Jamaican dollar has revalued, is stable and coming down, gross reserves are almost at US$4 billion, which is a significant amount of reserves and business confidence is up.BM