Mar 2013 Financial News

Almost full participation in NDX

Mar 12, 2013

PARTICIPATION IN the National Debt Exchange (NDX) has inched closer to 99 per cent as government and International Monetary Fund (IMF) officials continue talks to ink a final agreement.

Pamella McLaren, senior director in the Debt Management Unit of the Ministry of Finance, said the Government was still in dialogue with the IMF as they sought to assess the level of savings that would result from the NDX.

Finance and Planning Minister Dr Peter Phillips had earlier announced a projected J$17-billion savings from the debt exchange.

McLaren told The Gleaner yesterday that details on the level of savings would not be forthcoming until after March 22.

Just under two weeks ago, the Ministry of Finance reported that just over 98 per cent of bondholders with J$860 billion of local public debt had accepted the Government's NDX offer. This came after a one-week extension.

The Portia Simpson Miller administration introduced the NDX as part of measures to clinch a deal with the IMF for an extended fund facility.

The NDX involved the exchange of fixed-rate Jamaica dollar and US dollar-denominated bonds for new bonds with lower yields and longer maturities.


Source:
Jamaica Gleaner
Tuesday March 12, 2013

http://jamaica-gleaner.com/gleaner/20130312/lead/lead7.html