Finance Minister Audley Shaw - file photo
The Government has signalled that it will not have to rely on the international capital market to raise funds during the next financial year.
Finance Minister Audley Shaw says with the early redemption of some Government of Jamaica bonds the need for foreign cash has been reduced.
"This is the main reason for the elevated figure on the debt servicing side. What this means is that for the next fiscal year, there will be no need to go into the international capital market...." Shaw said.
Meanwhile, the Government is faced with more debt than it expected this fiscal year - it is estimated at J$224.5 billion
Principal payments are expected to increase by $6.9 billion nd interest payments $1.7 billion.
The Finance Minister says the impact of exchange rate movements and pre-financing arrangements also impacted the debt stock.
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