Finance Minister Nigel Clarke says the economic policymaking framework is very effective in fostering growth after American credit rating agency, Fitch, upgraded Jamaica’s Long-Term Foreign Currency Issuer Default Rating (IDR) to BB- from a B+.

This rating is the third upgrade for Jamaica in the 2023/2024 financial year, following positive actions by Standard and Poor’s Global Ratings in September 2023 and Moody’s Ratings in October 2023.

Clarke argued that the recent credit rating is the highest Jamaica has ever seen since Fitch began rating the country’s debt some 18 years ago.

“This credit rating applied by Fitch is the highest rating that the Government of Jamaica has secured from Fitch since Fitch started rating Jamaica’s debt 18 years ago. This is yet another testament to the effectiveness of the Government’s economic policymaking framework in improving Jamaica’s economic independence and fostering an economic climate that is conducive to growth and jobs. We must now ensure that we leverage these improvements to benefit all Jamaicans,” Clarke said.

In a statement, the ratings agency highlighted the Government’s commitment to delivering large primary surpluses which has supported a significant reduction in Jamaica’s debt burden.

The finance minister stated that the positive outlook reflects the expectation of continued improvement in debt metrics and further deepening of the policy framework over the medium term.