Any economist here? Ja don't have significant foreign debt?

[Time]

Mr. Holness says it appears as if the Prime Minister has forgotten how the country’s stock of debt is structured. He says Jamaicans must remember that most of the country’s debt is owed to local creditors

http://nationwideradiojm.com/holness...ebt-write-off/

[Don1]

Any economist here? Ja don't have significant foreign debt?

Check Johnny...im ave dat portfolio lock dung wid one vise grip

[Islandman]

I am not an economist but I will give it a shot.

Holness is correct in saying that the high interest rate policies of the 1990s resulted in the debt owed to bondholders becoming more significant than the debt owed to multilaterals. Some of those bonds are held by foreigners, just not multilaterals such as IMF and World Bank.

I wouldn't go as far as to say that the multilateral debt is not significant though. I believe about 40% of the total foreign debt is owed to multilaterals.

[Assasin]

Don't know how much but in the 90s and and 2000s when bonds was selling at very high interest rate, many Jamaicans invested and lived off the good returns rather than investing in manufacturing and other businesses.