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Fitch improves outlook for Jamaica

Fitch improves outlook for Jamaica

March 9, 2023
Rating agency points to progress in cutting debt and $1.7 bln in new loans from the IMF

Credit Ratings Fitch Ratings Revision International Financial Institutions International Monetary Fund (IMF) Economy & Policy Debt Jamaica Caribbean Capital Markets Regulation

Fitch Ratings said Wednesday that it improved its outlook for Jamaica's credit ratings to positive from stable, citing "significant progress" in reducing debt and "favorable financing conditions" backed by new loans from the International Monetary Fund (IMF). Following a temporary rise in 2020, Jamaica's debt levels fell to an estimated 85% of GDP at the end of 2022, lower than before the COVID-19 pandemic, Fitch said in a report. Fitch also said it expects Jamaica to reduce government debt to 8

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