Discussion Paper Jamaica Debt Exchange
Discussion Paper Jamaica Debt Exchange
October 31, 2013
Jamaica is a severely indebted middle-income nation. The total public debt burden stood at approximately US$ 13.4 billion or 135 percent of GDP at the end of 2009. 55 percent is owed to domestic creditors and 45 percent to external creditors. Over the last 10 years, annual debt service costs (principal amortization and interest) have averaged more than 112 percent of government revenues. Domestic debt service has been particularly burdensome: interest rates on some local currency denominated bonds have been as high as 28 percent and over a quarter of domestic sovereign bonds mature in less than 24 months.