The Government of Jamaica has confirmed that the US$150 million catastrophe bond has been triggered by the passage of Hurricane Melissa.
Information Minister Senator Dr. Dana Morris Dixon confirmed this with Radio Jamaica News on Thursday afternoon.
There have been several reports locally and internationally that the Category 5 hurricane Melissa triggered the bond.
Finance Minister Fayval Williams said on Thursday morning that she had received an update from the Financial Secretary but would brief Cabinet before making any announcement.
In the meantime, Minister Williams said there are contingent loans from international partners, including a credit facility of US$285 million with the International Development Bank (IDB).
"We do have these faciltiies in place. We don't have all the information just yet, as to precisely what the payout will be from each of them. But as we get that information, after updating the Prime Minister and Cabinet, we will make that available to you," said Minister Williams.
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