Gov’t strengthening disaster risk financing

The Government is working to strengthen its suite of disaster risk financing instruments to safeguard against the uncertainties of natural disasters.

Accordingly, the Government intends to renew the Caribbean Catastrophe Risk Insurance Facility (CCRIF-SPC) policy in May 2026.

The administration will maintain savings in the National Natural Disaster Risk Financing (NNDRF), National Disaster Fund (NDF), and Contingencies Fund, while also seeking to renew contingent credit lines to strengthen its risk-retention capacity.

Additionally, the Government will continue to explore new instruments to build structural resilience and mitigate potential damage from natural disasters.

Minister of Finance and the Public Service, Fayval Williams, made the disclosure as she opened the 2026/27 Budget Debate in the House of Representatives on Tuesday.

“Having these buffers against natural disasters is an important underpinning when international rating agencies assess Jamaica’s credit worthiness. Our current ratings stand at Moody’s (Ba3) with a ‘Stable’ outlook; Standard and Poor’s (S&P) at ‘BB’, also with a ‘Stable’ outlook, and Fitch at ‘BB’ – equally with a ‘Stable’ outlook,” Williams said.

“You will note that all the dates for the ratings are all after the Category Five Hurricane Melissa. This is unprecedented in Jamaica’s history, and the people of Jamaica are to be commended for the sacrifices they have made to have our international credit ratings so aligned,” she added.

The finance minister emphasised that the confidence of rating agencies and international partners in Jamaica’s creditworthiness benefits not only overseas investors but also Jamaicans at home.

“It means we have greater certainty about our economic affairs. Not every country in the world has the kind of certainty that we enjoy in Jamaica. We can wake up and know that if we have money in the bank, we can put our ATM (automated teller machine) cards in and pull out what we need without asking anybody anything,” she stated.

“We know we have the freedom of travel. We don’t have to line up if we need some foreign exchange to buy a personal item on a platform halfway around the world, and we have certainty that our children can go to school,” Williams added.

The Minister cautioned that life could become very difficult if Jamaica were to lose the faith and confidence of the global financial community.

“We have to guard these ratings and strive to make them better. These credit ratings are our oil… they are our gold,” Williams stated.

- JIS News

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