The Government of Jamaica says the national debt will be just under J$2.1 trillion at the end of this fiscal year in March. The debt will be equivalent to 127.9% of Gross Domestic Product (GDP). That compares to 132% of GDP at the end of March this year, even though the debt was $1.9 trillion.
The reduction in the debt-to-GDP ratio is due to nominal economic expansion being faster than the growth in the debt.
Most of the increase in the debt stock is due to the depreciation of the currency.
The projection was set out in the Government's latest assessment of its progress so far this fiscal year. It was included in the Fiscal Policy Paper tabled in the House of Representatives on Tuesday.
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