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Jamaica's Struggle with Debt and Structural Adjustment
Stockholm University, Faculty of Humanities, Department of Spanish, Portuguese and Latin American Studies.
1996 (English)In: Scandinavian Journal of Development Alternatives and Area Studies, ISSN 0280-2791, Vol. 15, no 3 & 4, 135-164 p.Article in journal (Refereed) Published
Abstract [en]

Jamaica has been a 'good debtor' and has serviced its debt most faithfully. This is only one side of the story. The other darker side is that, while being a good debtor, Jamaica's total debt to GDP has steadily risen, as well as its debt to multilateral lenders. This is Jamaica's dilemma today. The country has borrowed from 'Peter to pay Paul'. Most of its foreign exchange earnings has gone towards serviced debt, leaving little for the much needed investment in the domestic economy. The paper shows that Jamaica's economic problems are both a consequence of internal and external factors. The paper also points out that while Jamaica has the capabilities of emerging out of debt crisis, it has been constrained by external factors. The only way out for the country is for creditors, both multilateral and bilateral, to ease the burden on Jamaica through debt relief.

Place, publisher, year, edition, pages
1996. Vol. 15, no 3 & 4, 135-164 p.
Keyword [en]
Jamaica, structural adjustment program, debt crisis
URN: urn:nbn:se:su:diva-16465OAI: diva2:182985
Available from: 2007-01-17 Created: 2007-01-17 Last updated: 2009-10-06Bibliographically approved

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Malaki, Akhil
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