Jamaica seeks second debt swap

Jamaica awaits a deal with the International Monetary Fund but in order to close the deal the country will initiate a National Debt Exchange Offer to reduce the country's debt, which stands over 140% of gross domestic product, to 95% of gross domestic product within seven years. The debt swap is the second in three years for the country in the midst of a deep economic crisis. A 2010 debt restructuring has failed to help Jamaica revive growth. The government’s Debt Reduction plan "can only succeed with the fullest cooperation of the broad financial sector and the support of the entire country,” said Prime Minister Portia Simpson Miller. The debt swap move is intended to satisfy the demands from the IMF for the Extended Credit Facility deal.