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Jamaica to sell assets to reduce debt

Xinhua, May 25, 2016 Adjust font size:

Jamaican Prime Minister Andrew Holness said Tuesday that his government will sell assets to reduce public debt.

Those on the privatization list include the airport and the container terminal in the capital city of Kingston, and the country's railway system, said Holness during his budget presentation.

"Ultimately, the only way to sustainably reduce the debt is to grow the economy. This government will have a laser-like focus on economic growth," he said.

Jamaica sealed a deal with the International Monetary Fund in 2013 for an injection of 932 million U.S. dollars into the economy. In exchange, Jamaica agreed to reduce the debt-to-GDP ratio from 145 percent to a sustainable level by cutting public spending and consolidating tax basis. Endi