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Jamaica’s business and trade reforms showing positive results says EU

Head of the European Union (EU) Delegation to Jamaica Ambassador Paola Amadei in conversation with Finance Minister Dr. Peter Phillips. Head of the European Union (EU) Delegation to Jamaica Ambassador Paola Amadei in conversation with Finance Minister Dr. Peter Phillips.
Head of the European Union (EU) Delegation to Jamaica Ambassador Paola Amadei, says the Government’s trade and business-related reforms are beginning to show positive results.

With the on-going improvements in business facilitation, which have resulted in increased price competitiveness and higher investments, Ambassador Amadei said on Wednesday that the private sector will be better able to tap into the opportunities for export and growth.    

She was speaking at the official presentation of J$34.7 million dollars worth of  equipment by the EU to the Bureau of  Standards Jamaica which will reduce the amount of  time it takes for exporters to test samples. Prior to this, Exporters had to rely on overseas testing facilities.

In the meantime, as the government creates the enabling environment for the improvement of exports to improve its trade balances and bolster the economy, the national debt is projected to  be just under J$2.1 trillion at the end of this fiscal year in March.

The debt will be equivalent to 127.9% of Gross Domestic Product (GDP). That compares to 132% of  GDP at the end of  March this year, even though the debt was $1.9 trillion.       

The reduction in the debt-to-GDP ratio is due to nominal economic expansion being faster than the growth in the debt. 

Most of  the increase in the debt stock is due to the depreciation of  the currency.  

The projection was set out in the Government's latest assessment of its progress so far this fiscal year. It was included in the Fiscal Policy Paper tabled in the House of  Representatives on Tuesday. 

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