Arnaldo Brown, Minister of State, Ministry of Foreign Affairs & Foreign Trade - file photo
The Government of Jamaica is still considering plans to tap into the resources of overseas nationals, through the issuing of a Diaspora Bond.
According to Arnaldo Brown, Minister of State in the Ministry of Foreign Affairs & Foreign Trade, however, timing is going to be important in respect of its implementation.
With the Diaspora Bond, Jamaicans living overseas would lend money to the Government for a defined period, at a fixed interest rate, through the Jamaica Stock Exchange.
Mr. Brown said a decision was made not to issue the bond at this time because of the impact it would have on the country’s debt burden.
The recommendation for the floating of the bond came out of the first Biennial Diaspora Conference, held in Kingston in 2004. It was seen as an attractive option for the Government in sourcing capital to fund development initiatives.
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