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You are here: Home / Case studies / Caribbean

Country case studies: Caribbean

Jamaica map

Jamaica

Jamaica has debts totaling almost $18 billion, equivalent to an astounding 124% of GDP. The situation is so severe that annually Jamaica spends more than twice as much on foreign debt repayments as it does on health and education combined. Despite undergoing almost four decades of austerity in an attempt to tackle the issue, Jamaica does not qualify for any debt relief. It is deemed an ‘upper middle-income’ country, seemingly too rich to require such cancellation schemes.

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Grenada map

Grenada

Grenada is a textbook example of why the economies of small island-states are so vulnerable to external factors. In the early 2000s Grenada had one of the highest growth rates in the Caribbean before it suffered from the double blow of natural disasters and the global financial crisis. In an attempt to help regenerate growth and correct its fiscal imbalances, the government has since taken out IMF bailout loans. However, these loans are said to have actually further destabilised and stagnated the national economy. Grenada now has debts totaling almost $679 million after a recent restructuring agreement.

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‘The SNP abolished PFI, or did they?’

This article was written by Dr Scott Arthur. In 2006 Alex Salmond told Scotland that “PFI was a quick fix and a costly mistake”. If elected (he was), he was going to ensure  “our public assets can be held in trust for the nation all without the unnecessary private profit that is part and parcel of […]

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Jubilee Scotland is an independent coalition of organisations and local groups across Scotland who campaign for cancellation of the unjust and unpayable debts which are ruining the world’s poorest countries.

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