Jamaica’s debt stock decreased over the 12-month period between March 2022 and February 2023. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, advised that total public debt fell from $2.18 trillion in March 2022 to $2.16 trillion last month. He provided the update during Wednesday’s (March 1) meeting of the Standing Finance Committee of the House […]
For the first time since 1918, when Vladimir Lenin repudiated the debts of the former Russian Empire, Russia has defaulted on its sovereign debt. It did so by failing to make a payment of approximately $100 million in dollars and euros to bondholders.The default came about not because Russia is short of cash — Vladimir Putin’s government is profiting handsomely […]
Sri Lanka has found itself in a spot of bother as the country defaulted on its debt for the first time in its history. The country has faced its worst fiscal crisis in more than 70 years. It comes after a 30-day grace period to repay $78 million of unpaid debt interest payments expired recently. The governor of Sri Lanka’s […]
Sri Lanka has said it will temporarily default on its foreign debts amid its worst economic crisis in over 70 years. Officials said the impact of the pandemic and the Ukraine war made it impossible to pay its creditors. The South Asian country has seen mass protests as it suffers food shortages, soaring prices, and power cuts. The country is […]
Global rating agency Fitch has maintained Jamaica’s credit rating at B Plus and says the country’s outlook is stable. Fitch says the B Plus rating has been affirmed due to Jamaica’s favorable business climate, consistent fiscal policy efforts to lower the debt burden, and continued deficit reduction bolstered by a 15.4 percent growth in revenues between April and December 2021. […]
According to data from the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit, total household debt rose by $333 billion (2.2 percent) to reach $15.58 trillion in the fourth quarter of 2021. Mortgage balances — the largest component of household debt — rose by $258 billion. The volume of newly originated auto loans was $181 billion during […]
According to a CMC report, a bill has been passed in the U.S. House of Representatives to support debt relief for the Caribbean and other developing countries. Congresswoman Alexandria Ocasio-Cortez told the Caribbean Media Corporation the measure was passed in the House on Friday as part of the America COMPETES Act. The legislation among other things places a moratorium […]
Haiti is the only Caricom country that is set to benefit from a fifth and final round of debt relief for 25 low-income countries by the International Monetary Fund (IMF). The IMF executive board approved the relief on debt service for the 25 member countries that are eligible for support from the Catastrophe Containment and Relief Trust (CCRT) with the […]
Fourteen Republican senators were at odds with their party when they voted with Democrats to raise the debt limit. The machination allowed the Democrats to assume responsibility for the debt limit without any GOP support. The vote came after a deal was brokered by Senate Minority Leader Mitch McConnell of Kentucky and Senate Majority Leader Chuck Schumer of New York. […]
Former President Donald Trump has again criticized Senate Minority Leader Mitch McConnell for announcing a temporary solution to delay a default on the national debt. “Looks like Mitch McConnell is folding to the Democrats, again,” Trump reportedly said in a statement through his leadership PAC, Save America. “He’s got all of the cards with the debt ceiling, it’s time to […]
