Obligation JAMAICA 6.75% ( US470160CA80 ) en USD

JAMAICA

104.08 % ▲

Jamaique

US470160CA80 ( en USD )

6.75% par an ( paiement semestriel )

28/04/2028

Prospectus brochure de l'obligation Jamaica US470160CA80 en USD 6.75%, échéance 28/04/2028

470160CA8

28/10/2025 ( Dans 57 jours )

La Jamaïque est une île des Caraïbes, connue pour sa musique reggae, sa culture vibrante, son histoire liée à l'esclavage et son tourisme balnéaire.

L'Obligation émise par JAMAICA ( Jamaique ) , en USD, avec le code ISIN US470160CA80, paye un coupon de 6.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/04/2028

PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JULY 23, 2015
Government of Jamaica

U.S.$505,000,000 6.750% Notes due 2028
U.S.$364,000,000 7.875% Notes due 2045

The Government of Jamaica is offering U.S.$505,000,000 of its 6.750% Notes due 2028 (the "2028 notes") and U.S.$364,000,000 of its 7.875% Notes due 2045 (the
"2045 notes", and together with the 2028 notes, the "notes"). The notes will constitute direct, general, unconditional and unsubordinated External Indebtedness (as
defined in the accompanying prospectus) of Jamaica for which the full faith and credit of Jamaica is pledged. The notes will rank without any preference among
themselves and equally with all other unsubordinated External Indebtedness of Jamaica.
Jamaica will pay principal on the 2028 notes in three equal installments on April 28, 2026, April 28, 2027 and April 28, 2028. Jamaica will pay interest on the
outstanding principal of the 2028 notes semi-annually in arrears on April 28 and October 28 of each year, commencing on October 28, 2017 at an annual rate of
6.750%. Interest will accrue from April 28, 2017. The 2028 notes will mature on April 28, 2028. The 2028 notes are a further issuance of the 6.750% Notes due 2028
and will be consolidated with and will form a single series with the U.S.$1,350,000,000 principal amount of the 6.750% Notes due 2028 that were originally issued on
July 28, 2015 (the "Existing 2028 notes"). The total principal amount outstanding of the Existing 2028 notes and the 2028 notes will be U.S.$1,850,450,000, which
reflects the previous repurchase and cancellation by Jamaica of U.S.$4,550,000 of originally issued notes.
Jamaica will pay interest on the outstanding principal of the 2045 notes semi-annually in arrears on January 28 and July 28 of each year, commencing on January 28,
2018 at an annual rate of 7.875%. Interest will accrue from July 28, 2017. The 2045 notes will mature on July 28, 2045. The 2045 notes are a further issuance of the
7.875% Notes due 2045 and will be consolidated with and will form a single series with the U.S.$650,000,000 principal amount of the 7.875% Notes due 2045 that
were originally issued on July 28, 2015 (the "Existing 2045 notes"). The total principal amount outstanding of the Existing 2045 notes and the 2045 notes will be
U.S.$1,000,000,000, which reflects the previous repurchase and cancellation by Jamaica of U.S.$14,000,000 of originally issued notes.
The notes are being offered globally for sale in jurisdictions where it is lawful to make such offers and sales. Jamaica has applied for the notes to be listed on the
Official List of the Luxembourg Stock Exchange and traded on the Euro MTF Market of that exchange.
This Prospectus Supplement constitutes a Prospectus for the purpose of Part IV of the Luxembourg law dated July 10th, 2005 on Prospectuses for Securities, as
amended.
It is intended that a portion of the notes will be offered and sold outside of the United States to non-U.S. persons in accordance with Regulation S under the Securities
Act. Terms used in this paragraph have the meanings given to them in Regulation S under the Securities Act.
Any offer of the notes in a Member State will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers
of notes. See "Underwriting."

Investing in the notes involves risks. See "Risk Factors" beginning on page S-5 of this prospectus supplement.
Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved these securities or passed upon the
adequacy or accuracy of this prospectus supplement or the prospectus to which it relates. Any representation to the contrary is a criminal offense.

Public offering
Proceeds, before

price(1)

Underwriting discounts

expenses, to Jamaica

Per 2028 note

113.288%

0.170 %

113.118%
Total for the 2028 notes
U.S.$ 572,104,400
U.S.$858,500
U.S.$571,245,900
Per 2045 note

118.339%

0.170 %

118.169%
Total for the 2045 notes
U.S.$ 430,753,960
U.S.$618,800
U.S.$430,135,160

(1) Plus accrued and unpaid interest from and including, in the case of the 2028 notes, April 28, 2017 to, but excluding the delivery date, in the amount of
U.S.$10,415,625, and in the case of the 2045 notes, July 28, 2017 to, but excluding the delivery date, in the amount of U.S.$1,592,500, in each case assuming a
delivery date of August 18, 2017.
Delivery of the notes in book-entry form will be made on or about August 18, 2017.
Joint Lead Managers and Joint Bookrunners

BofA Merrill Lynch
Citigroup
The date of this prospectus supplement is August 15, 2017.

ABOUT THIS PROSPECTUS SUPPLEMENT
This document consists of two parts. The first part is this prospectus supplement, which describes the specific terms of this
offering. The second part, the accompanying prospectus, gives more general information, some of which may not apply to this
offering. If information in this prospectus supplement is inconsistent with the accompanying prospectus, investors should rely on the
information in this prospectus supplement. This prospectus supplement, the accompanying prospectus and the documents incorporated
by reference into each of them include important information about Jamaica, the notes being offered and other information investors
should know before investing in the notes.

S-1

INTRODUCTORY STATEMENTS
Jamaica accepts responsibility for the information contained in this prospectus supplement and the prospectus that accompanies
it. To the best of the knowledge and belief of the Government of Jamaica (which has taken all reasonable care to ensure that such is
the case), the information contained in this prospectus supplement and the accompanying prospectus accurately reflects the facts and
does not omit anything likely to affect the import of such information.
The Government of Jamaica is a foreign sovereign government. Foreign sovereign governments are generally immune from
lawsuits and from the enforcement of judgments under United States laws; however, foreign sovereign governments may waive this
immunity, and limited exceptions to this immunity are set forth in the U.S. Foreign Sovereign Immunities Act of 1976 (the "Foreign
Sovereign Immunities Act"). See "Enforcement of Claims" and "Description of the Debt Securities--Jurisdiction, Consent to Service,
Enforcement of Judgments and Immunities from Attachment" in the accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the notes may be legally
restricted in some countries. If you wish to distribute this prospectus supplement or the accompanying prospectus, you should observe
any applicable restrictions. This prospectus supplement and the accompanying prospectus should not be considered an offer, and it is
prohibited to use them to make an offer, in any state or country in which the making of an offer of the notes is prohibited.
Unless otherwise indicated, all references in this prospectus supplement to "JA dollars" and "J$" are to Jamaica dollars, the
lawful national currency of the country of Jamaica, and those to "U.S. dollars" or "U.S.$" are to the lawful currency of the United
States of America. Unless the context otherwise requires, references to "Jamaica" are references to the Government of Jamaica.
The official exchange rate published by the Bank of Jamaica for U.S. dollars on August 10, 2017 was J$128.49 per U.S.$1.00.

S-2

SUMMARY
This summary highlights information contained in this prospectus supplement and the accompanying prospectus and may not
contain all of the information that may be important to you. You should read this summary along with the more detailed description
appearing elsewhere in this prospectus supplement and in the accompanying prospectus.
Issuer
Government of Jamaica.

Notes
U.S.$505,000,000 6.750% Notes due 2028 and U.S.$364,000,000 7.875% Notes due 2045.
The U.S.$505,000,000 2028 notes offered hereby are a further issuance of the Existing 2028
notes and will be consolidated with and will form a single series with the U.S.$1,350,000,000
principal amount of Existing 2028 notes that were originally issued on July 28, 2015. The
total principal amount outstanding of the Existing 2028 notes and the 2028 notes will be
U.S.$1,850,450,000, which reflects the previous repurchase and cancellation by Jamaica of
U.S.$4,550,000 of originally issued notes.
The U.S.$364,000,000 2045 notes offered hereby are a further issuance of the Existing 2045
notes and will be consolidated with and will form a single series with the U.S.$650,000,000
principal amount of Existing 2045 notes that were originally issued on July 28, 2015. The
total principal amount outstanding of the Existing 2045 notes and the 2045 notes now being
issued will be U.S.$1,000,000,000, which reflects the previous repurchase and cancellation by
Jamaica of U.S.$14,000,000 of originally issued notes.
The 2028 notes and 2045 notes will have the same CUSIP, Common Code and ISIN numbers
as the Existing 2028 notes and Existing 2045 notes, respectively. See "General Information".

Issue Price
For the 2028 notes, 113.288% of the principal amount of the notes plus accrued interest from
April 28, 2017 to, but not including, the delivery date.
For the 2045 notes, 118.339% of the principal amount of the notes plus accrued interest from
July 28, 2017 to, but not including, the delivery date.

Maturity Date
The 2028 notes will mature on April 28, 2028 and will amortize in three equal installments on
April 28, 2026, April 28, 2027 and April 28, 2028. The 2045 notes will mature on July 28,
2045, at par.

Interest
The 2028 notes will bear interest at a rate of 6.750% per annum on the outstanding principal
amount payable semi-annually in arrears in U.S. dollars on April 28 and October 28 of each
year, commencing October 28, 2017. Interest will accrue from April 28, 2017.
The 2045 notes will bear interest at a rate of 7.875% per annum on the outstanding principal
amount payable semi-annually in arrears in U.S. dollars on January 28 and July 28 of each
year, commencing January 28, 2018. Interest will accrue from July 28, 2017.

Withholding Tax and Additional
Jamaica will make all payments of principal and interest on the notes without withholding or
Amounts
deduction for any Jamaican taxes, except in certain limited circumstances. See "Description
of the Notes--Additional Amounts."
Further Issues
Jamaica may from time to time, without your consent, increase the size of the issue of either
series of notes, or issue additional debt securities that may be consolidated with and form a
single series with the outstanding notes of that series. See "Description of the Notes--Further
Issues."

Book-Entry Delivery, Form and
The notes will be issued in fully registered book-entry form without coupons in minimum
Denominations
denominations of U.S.$200,000 of original principal amount and integral multiples of
U.S.$1,000 in excess thereof. The notes will be represented by one or more global securities,
registered in the name of Cede & Co. as nominee of The Depository Trust Company
("DTC"). Beneficial interests in the global securities will be shown on, and the transfer
thereof will be effected through, records maintained by DTC. See "Global Clearance and
Settlement."

S-3

Status of the Notes
The notes will constitute direct, general, unconditional and unsubordinated External
Indebtedness of Jamaica for which the full faith and credit of Jamaica is pledged. Each series
of the notes will rank without any preference among themselves and equally with all other
unsubordinated External Indebtedness of Jamaica. See "Description of the Notes--Status of
the Notes."

Events of Default
The notes will contain certain events of default, the occurrence of which may permit
noteholders to accelerate Jamaica's obligations under the notes prior to maturity. See
"Description of the Notes-- Default; Acceleration of Maturity."

Negative Pledge
The notes will contain certain covenants, including a negative pledge covenant that will
restrict Jamaica from creating or permitting to exist (subject to certain exceptions) any
security interest on any of its present or future revenues or assets. See "Description of the
Notes--Negative Pledge."

Payments of Principal and Interest
Jamaica will arrange for payments to be made on the book-entry notes by wire transfer to the
applicable clearing system, or to its nominee, as the registered owner of the notes, which will
receive the funds for distribution to the holders.
Jamaica will arrange for payments to be made on any registered certificated notes on the
specified payment dates to the registered holders of the notes. Jamaica will arrange for such
payments by wire transfer or by check mailed to the holders at their registered addresses. See
"Description of the Notes--Payment of Principal and Interest."

Listing
Jamaica has applied to have the notes listed on the Official List of the Luxembourg Stock
Exchange and traded on the Euro MTF Market of that exchange.
Use of Proceeds
The net proceeds to Jamaica from the sale of the notes will be approximately
U.S.$1,001,031,060.00, before accrued interest and after the deduction of the underwriting
discounts and Jamaica's share of the expenses in connection with the sale of the notes, which
are estimated to be approximately U.S.$350,000.00. Jamaica intends to use
U.S.$178,952,371.08 of the net proceeds of the sale of the notes to fund the payment for the
notes accepted in the tender offer made pursuant to its Invitation for Offers to Tender for Cash
its 8.000% Amortizing Notes due 2019, 8.500% Amortizing Notes due 2021, 11.625% Notes
due 2022 and 9.250% Notes due 2025 (collectively, the "Invitation Notes"), and may use a
significant portion of the remaining proceeds for the refinancing, repurchase or retiring of
domestic indebtedness as well as any remaining proceeds for general purposes of the
government, including financial investment and the refinancing, repurchase or retiring of
external indebtedness. See "Use of Proceeds".

Taxation
See "Description of the Notes--Taxation" below and "Taxation" in the accompanying
prospectus for a discussion of the U.S. and Jamaican tax consequences associated with an
investment in the notes. Investors should consult their own tax advisors in determining the tax
consequences of the purchase, ownership and disposition of the notes.

Trustee, Principal Paying Agent
and Registrar
Deutsche Bank Trust Company Americas.

Paying Agent and Transfer Agent
Deutsche Bank Luxembourg S.A.

Risk Factors
See "Risk Factors" and the other information included and incorporated by reference in this
prospectus supplement and the accompanying prospectus for a discussion of the factors you
should carefully consider before investing in the notes.

Governing Law
The notes and the indenture are governed by and construed in accordance with the laws of the
State of New York, except with respect to their authorization and execution, which will be
governed by and construed in accordance with the laws of Jamaica. See "Description of the
Notes--Governing Law and Submission to Jurisdiction."

S-4

RISK FACTORS
Your decision to invest in the notes involves risk. We urge you to read carefully this prospectus supplement and the
accompanying prospectus in their entirety and to note, in particular, the following risk factors.

Risk Factors Relating to Jamaica

Any investment in securities of a sovereign in an emerging market, such as the notes, involves significant risks.
Jamaica is an emerging market economy, and investing in securities of emerging markets issuers generally involves a higher
degree of risk. Social and macroeconomic factors may also affect economic and fiscal results. Investing in securities of issuers in
emerging markets, such as Jamaica, generally involves a higher degree of risk than investments in securities of corporate or sovereign
issuers from more developed countries. Factors that adversely affect emerging market countries, such as Jamaica, include, among
others, the following:
· fiscal deficits;
· dependence on external financing;
· high interest rates;
· devaluation or depreciation of the currency;
· lack of adequate infrastructure necessary to accelerate economic growth;
· high inflation; and
· adverse changes in governmental economic, tax or other policies.
Any of these factors may have an adverse effect on the condition of Jamaica, while volatility in the markets for securities similar
to the notes may adversely affect the liquidity of, and trading market for, the notes.
Developments in Jamaica's trading partners may materially and adversely affect Jamaica and its ability to service the notes.
If interest rates increase significantly in developed economies, including the United States, Jamaica's trading partners could find
it more difficult and expensive to borrow capital and refinance existing debt, which could adversely affect economic growth in those
countries. Decreased growth on the part of Jamaica's trading partners could have a material adverse effect on the markets for Jamaican
exports and tourism and, in turn, adversely affect the Jamaican economy. An increase in interest rates in developed economies would
also increase Jamaica's debt service requirements with respect to its debt obligations that accrue interest on a floating rate basis, which
could adversely affect the ability of Jamaica to service its public debt generally, including the notes.
Depreciation or appreciation of the Jamaica dollar could have a material adverse effect on the Jamaican economy and Jamaica's
ability to service the notes.
We cannot assure you that the Jamaica dollar will not depreciate or appreciate significantly in the future. Either a significant
appreciation or a significant depreciation could have a material adverse effect on the Jamaican economy and the general ability of
Jamaica to service its public debt, including the notes.

S-5

Jamaica has experienced economic problems and may continue experiencing economic problems, which may affect Jamaica's
ability to service its debt, including the notes.
Jamaica has experienced volatility in its macroeconomic drivers and has experienced economic crises in recent decades. The
Jamaican economy expanded by 1.4% in 2016 when compared with 2015 based on growth in the country's GDP. GDP grew by 0.9%
in 2015 compared to 2014 and by 0.5% in 2014 compared to 2013. Jamaica cannot offer any assurance that the Jamaican economy
will grow in the future. Economic growth depends on a variety of factors, including, among others, the sustainability of tourism, the
stability and competitiveness of the Jamaica dollar against foreign currencies, confidence among Jamaican consumers and foreign and
domestic investors and their rates of investment in Jamaica, the willingness and ability of businesses to engage in new capital
spending and the rate of inflation. Some of these factors are outside of Jamaica's control. If Jamaica experiences economic problems,
Jamaica may have difficulty in servicing the notes.
Jamaica faces long-term economic challenges, including:
· a substantial merchandise trade deficit;
· social problems relating to high unemployment, poverty and crime;
· high debt levels; and
· high energy costs.
The Jamaican economy remains vulnerable to external shocks, including natural disasters such as hurricanes, which could have a
material adverse effect on economic growth and Jamaica's ability to make payments on its debt, including the notes.
Jamaica's economy is vulnerable to external shocks. A reduction in tourism, as a result of economic decline in other countries or
natural disasters, such as hurricanes, may cause a reduction in revenue and could have an adverse effect on the Jamaican economy. In
addition, a significant decline in the economic growth of any of Jamaica's major trading partners, especially the United States, could
have an adverse effect on Jamaica's balance of trade and adversely affect Jamaica's economic growth. The United States is Jamaica's
largest export market. Jamaica's economy also benefits substantially from remittances, which tend to decline during global and
U.S. economic downturns. A significant decrease in remittances from Jamaicans living abroad may lead to depreciation of the Jamaica
dollar and negatively affect the ability of Jamaica to meet its external debt obligations. Jamaica cannot assure you that events affecting
other markets will not have a material adverse effect on Jamaica's growth and its ability to service its public debt, including the notes.
Jamaica may be unable to obtain financing on satisfactory terms in the future and its ability to service its public debt may be
adversely affected.
Jamaica's future fiscal results may be insufficient to meet its debt service obligations and it may have to rely in part on
additional financing from the domestic and international capital markets on satisfactory terms in order to meet its future debt service
obligations. In the future, Jamaica may not be able or willing to so access the international capital markets, and this may have a
material adverse effect on Jamaica's ability to service its public debt, including the notes.
Jamaica relies heavily on foreign oil supplies, which may be disrupted or increase in cost in the future.
Jamaica is dependent on oil imports to satisfy domestic energy consumption. Jamaica receives approximately 90% of its energy
requirements from imported oil. In August 2005, Jamaica entered into the PetroCaribe Agreement (the "PetroCaribe Agreement")
under which the government of Venezuela has agreed to make available to Jamaica a portion of the value of Jamaica's purchases of oil
as a concessionary loan facility, the terms of which are determined by the prevailing price per barrel of oil internationally. At present
Jamaica is not receiving any crude oil imports under the PetroCaribe Agreement. Jamaica cannot guarantee that this agreement, or any
future agreement with Venezuela or any other country, will not be terminated or disrupted by the current political situation in
Venezuela. Furthermore, any disruption of oil supplies or a significant increase in international oil prices may have a material adverse
effect on the Jamaican economy and Jamaica's ability to service its debts, including the notes.

Jamaica receives financing from international lending agencies and multilateral institutions, including the International
Monetary Fund, if required. If such support is unavailable in the future, Jamaica may have difficulty in servicing the notes.
Jamaica receives financing from multilateral institutions, including from the IMF, if required, and other official institutions. On
November 11, 2016, the IMF approved a three-year precautionary Stand-By-Arrangement ("PSBA"). Jamaica's failure to meet the
targets set out under the PSBA may result in its inability to draw down, if required, from the IMF and may also lead other multilateral
agencies to suspend or delay disbursements. If economic assistance from multilateral and other official institutions is unavailable in
the future, Jamaica may have difficulty in servicing its debts, including the notes.
S-6

Risks Related to the Notes and the Offering
It may be difficult or impossible to enforce judgments of courts of the United States and other jurisdictions against Jamaica.
Jamaica is a foreign sovereign government. Foreign sovereign governments and agencies and instrumentalities thereof are
generally immune from lawsuits and from the enforcement of judgments under U.S. law, but may waive this immunity or may be
subject to limited exceptions to this immunity, as set forth in the U.S. Foreign Sovereign Immunities Act of 1976, as amended, or the
Foreign Sovereign Immunities Act.
Jamaica, except as provided below, irrevocably waives and agrees not to plead any immunity, including sovereign immunity,
from the jurisdiction of any state or federal court in the Borough of Manhattan, the City of New York, to which it might otherwise be
entitled in any action arising out of or based upon the notes to the fullest extent permitted by applicable law. However, Jamaica
reserves the right to plead sovereign immunity under the Foreign Sovereign Immunities Act with respect to actions brought against it
under U.S. federal securities laws or any state securities laws. In the absence of a waiver of immunity by Jamaica with respect to such
actions, it would not be possible to obtain a U.S. judgment in such action unless a court were to determine that Jamaica is not entitled
to sovereign immunity under the Foreign Sovereign Immunities Act with respect to that action. Moreover, it may not be possible to
enforce a judgment obtained under the Foreign Sovereign Immunities Act against Jamaica's property located in the United States
except under the limited circumstances specified in the Foreign Sovereign Immunities Act.

S-7

RECENT DEVELOPMENTS
The information included in this section supplements the information about Jamaica contained in Jamaica's annual report for
the year ended March 31, 2017 on Form 18-K filed with the U.S. Securities and Exchange Commission (the "SEC") on June 2, 2017
(the "2017 Form 18-K"), as amended from time to time. To the extent the information in this section is inconsistent with the
information contained in the 2017 Form 18-K, the information in this section replaces such information. No significant changes to the
information provided in the 2017 Form 18-K have occurred. Initially capitalized terms used in this section have the respective
meaning assigned to those terms in the 2017 Form 18-K.
THE JAMAICAN ECONOMY
Overview
The Jamaican economy expanded by 1.4% in 2016 when compared to 2015 based on growth in the country's GDP. This was
mainly the result of an improvement in all industries with the exception of Mining & Quarrying and Producers of Government
Services. Jamaica's nominal GDP in 2016 was J$1.8 trillion, an increase of 5.3% when compared to 2015. The tourism industry
remains the leading gross earner of foreign exchange for Jamaica. Tourism accounted for 80.3% of gross foreign exchange earnings
from the productive sector in 2016, excluding remittance inflows. The United States, Europe and Canada accounted for 64.4%, 9.5%
and 17.1%, respectively, of Jamaica's visitors in 2016. The Consumer Price Index was 1.7% for the year ended December 31, 2016
and was 2.1% for the interim period from January 1, 2017 to June 30, 2017.
The Jamaican economy expanded by 0.1% in real terms for the first quarter of 2017 when compared to the same quarter in 2016.
This growth was due mainly to a 0.4% increase in the Services industries. While there were improved performances in both the
Manufacturing and Construction industries, the overall Goods Producing industries declined by 0.9%. During the first quarter of fiscal
year 2017/18, the agricultural sector has continued to be affected by drought and flooding, which may further negatively affect
nominal GDP for that period.
At March 31, 2017, net international reserves of the Bank of Jamaica were U.S.$2,769.2 million covering 24.4 weeks of goods
and services imports. At April 30, 2017, net international reserves of the Bank of Jamaica were U.S.$2,848.9 million covering 22.0
weeks of goods and services imports.
At March 31, 2017, Jamaica's domestic debt was J$848.5 billion, which excludes government-guaranteed securities. At
March 31, 2017, Jamaica's external debt was U.S.$10,183.9 million, of which 96.7% was denominated in U.S. dollars, 1.5% was
denominated in Euro, 0.3% was denominated in Yen, 1.2% was denominated in Chinese Yuan and 0.3% in other currencies.
At May 31, 2017, Jamaica's domestic debt was J$820.16 billion. At May 31, 2017, Jamaica's external debt was U.S.$9.62
billion, of which 96.9% was denominated in U.S. dollars, 1.1% was denominated in Euro, 0.3% was denominated in Yen, 1.3% was
denominated in Chinese Yuan and 0.3% in other currencies.
The following table shows certain debt indicators as at the five fiscal years ended March 31, 2017:

2012/13

2013/14

2014/15

2015/16

2016/17

DEBT RATIO

Total Debt1/Nominal GDP ...................................................................... 145.3% 140.4% 136.6% 120.2% 119.7%
Public Debt2/Nominal GDP .................................................................... 135.6% 133.0% 130.5% 126.8% 121.2%
Domestic Debt/Nominal GDP ................................................................
75.4%
70.0%
67.5%
50.0%
47.6%
External Debt/Nominal GDP ..................................................................
60.2%
63.0%
63.1%
76.8%
73.6%
Interest/Nominal GDP ............................................................................
9.5%
7.5%
8.3%
7.7%
7.9%

1
Total Debt as defined under the EFF includes debt of the Bank of Jamaica, the Central Government, debt of the PetroCaribe
Development Fund ("PDF") (net of any amounts owed by the Central Government to the PDF), domestic guaranteed and
external guaranteed debt.
2
Public Debt, as historically defined, includes debt of the Bank of Jamaica, the Central Government and external guaranteed debt.

On April 1, 2017, the Government implemented a new definition of public debt ("Public Debt") consistent with the definition
being utilized by the International Monetary Fund ("IMF") under the precautionary Stand-By-Arrangement. This definition is also in
line with international standards and consistent with the Public Sector Debt Statistics Guide developed by the IMF. The new definition
identifies Public Debt as the consolidated debt of the Specified Public Bodies, except that of the Bank of Jamaica, net of any cross-
holdings. It also includes domestic guarantees. As of March 31, 2017, Jamaica's total Public Sector debt to nominal GDP was 113.2%
as calculated under the new definition.
S-8