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Interim Results Of The Jamaica Debt Exchange (JDX)

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Under the Jamaica Debt Exchange (JDX) the Government of Jamaica has received submission forms, which are subject to verification, from holders aggregating more than 90% of the bonds eligible for the transaction.

Submission forms were still being submitted late yesterday (Wednesday), and the Government has received several requests from brokers to extend the submission deadline to allow them additional time to continue to work with their retail clients. Accordingly,the Expiration Date and the deadline for submission have been extended to 1PM on February 3, 2010.The expected settlement date for the transaction remains February 16, 2010.

In making the announcement, Hon Audley Shaw, Minister of Finance and the Public Service said “the success of the JDX is a critical component of Jamaica’s economic programme and a prior action under the IMF Standby Arrangement that will clear the way for the full multilateral support package. This extraordinary external support, combined with the successful implementation of our reform programme, will set Jamaica on a path of sustainability and economic growth.”

“The success of the JDX so far reflects our ability to come together as a community at this ‘game changing’ moment in Jamaica’s history, and I wish to express the appreciation of the Government to the high level of participation already registered.”

P.S. The above release was issued Wednesday by the Ministry of Finance and the Public Service, fulfilling the commitment made by the Minister, the Hon Audley Shaw, as he closed the debate on the economy in the House of Representatives on Tuesday (January 26).

Mr. Shaw told the House, Tuesday, “The Ministry is in the process of aggregating the response and expects to release a preliminary report tomorrow(Wednesday). The new date should be announced Wednesday, following the preliminary assessment of the response. The Ministry of Finance will then submit the preliminary report to the IMF for circulation to the board, in advance of the board meeting now set for next Wednesday.” (JIS News)

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