Tag: Debt

NEWS

Sri Lanka Caught In Foreign Debts Default

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 […]

BUSINESS

Jamaica Maintains Fitch B Plus Rating

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.  […]

BUSINESS

Total Household Debt In The U.S. Now At $15.58 Trillion

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 […]

NEWS

The Caribbean And Other Developing Countries Set To Get U.S. Debt Relief

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 […]

NEWS

Haiti Gets IMF Debt Relief

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 […]

POLITICS

Fourteen Republican Senators Who Voted With Democrats

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. […]

POLITICS

Republican Senate Minority Leader Mitch McConnell Continues To Give Trump Headache

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 […]

NEWS

IDB Official Praises Strong Jamaica’s Economic Progress

The Inter-American Development Bank (IDB) says Jamaica continues to make strong economic progress, with the country’s economy poised to generate continued growth. According to the Lead Economist at the organization, Dr. Henry Mooney, the significant strides made by the Government over the last few years have ensured macroeconomic stability and fiscal sustainability and facilitated economic expansion. He was speaking Thursday […]

BUSINESS

Is The U.S. In Debt?

Yes, writes Matt Wasserman, a writer on the popular question-and-answer website, Quora.com. He notes that the government of the United States is in debt to the amount of about $18 trillion. He argues that the government owes about $5 trillion of that debt technically to itself – intra-governmental debt. This includes money collected for specific purposes such as Social Security […]

EDUCATION School

College Debt Continues To Climb High

A new report from the Project on Student Debt indicates that student loan debt rose 2% from 2012 to 2013. Moreover, in six states students carry a debt burden of over $30,000. The report shows that in 2013 69% of graduates from both public and nonprofit colleges were saddled with student loan debt. At public and nonprofit colleges, average student loan […]