Restoring Debt Sustainability through Debt Restructuring
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1 Restoring Debt Sustainability through Debt Restructuring JOINT COMMONWEALTH SECRETARIAT/CARADEM FORUM 2013 IBEROSTAR ROSEHALL, MONTEGO BAY JAMAICA Pamella McLaren
2 Outline Debt Sustainability Jamaica Debt Exchange - Debt Sustainability??? National Debt Exchange Appendix 2
3 Jamaica Fact Sheet Strategic Location at the Centre of Caribbean and Central America Prime Minister Most Hon. Portia Simpson-Miller Form of Government Parliamentary Democracy Judicial System English Common Law GDP US$14,880.4 mn (2012) GDP per Capita US$5,495.4 (2012) Population 2.7 mn (2010) Territory 10,991 km 2 FX Rate (EOP) J$99.55/US$1 (April 2013) Annual Inflation 9.1% (as of April 2013) 6 month T-Bill Rate 6.44% (avg. May 2013) Net Int l Reserves US$ mn (May 2013) Political Overview Last General Election held December 2011 The People s National Party (PNP) A parliamentary term has a constitutional limit of 5 years The Ministry of Finance and Planning has two elected ministers, both members of the Cabinet Just completed upcoming Fiscal Year budget and May 1 st Obtained IMF Board Approval for a 4-year EFF 3
4 Debt-to-GDP Middle Income Countries
5 Debt Sustainability
6 Debt Sustainability defined as the ability of a country to meet its debt obligations without requiring debt relief or accumulating arrears SOLVENCY LIQUIDITY BURDEN Total Debt/Government Revenue Total Debt Service/Government Revenue Nominal Domestic Debt Stock/GDP External Debt/GDP Total Domestic Debt Service/Government Revenue External Debt Service/Exports of Goods and Services (Development Finance International)
7 Jamaica s Debt Profile Ratios (%) 2006/ / / / / / /13 Public Debt/GDP Interest/Budget Debt Service /Revenue Ext. Debt Service/XGS Debt as of Mar Multilateral 18% Other External Debt 7% Type of Debt as of Mar Variablerate debt 33% Individuals 6% Retirement & Pension 5% Domestic Debt Holders National Insurance 3% Insurance 4% National Housing 2% Other 1% Broker Dealers 19% Global Bonds 20% Domestic Debt 55% Fixedrate debt 67% Non gov. Institutions 7% Building Societies 11% Government Institutions 12% Commercial Banks 15% Merchant Banks & Trust Co. 15% Source: Ministry of Finance and Planning
8 High Levels of Debt Debt-to-GDP ratio and Total Debt FY 2002/03 FY 2003/04 FY 2004/05 FY 2005/06 FY 2006/07 FY 2007/08 FY 2008/09 FY 2009/10 FY 2010/11 FY 2011/12 FY 2012/13 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Debt-to-GDP Total Debt(Left axis) Interest-to-Revenue and Expenditure 75% 70% 65% 60% 55% 50% 45% 40% 35% 30% 25% 2002/ / / / / / / / / / /13 Interest/Expenditure Interest/Revenue
9 Jamaica s -Debt Sustainability Debt-to-GDP 012/13 140% 2012/13 140% Debt-to-GDP Assumptions of liabilities from failed Government initiatives Anemic growth levels Excess real cost of debt Sustained large primary surpluses Debt restructuring More multilateral borrowing and less market borrowing 1990/91 50% Assumptions of contingent liabilities (banking system) Repeated natural disasters Accumulated deficit spending 2019/20 Below 100%
10 10 Jamaica Debt Exchange - Debt Sustainability???
11 Factors Contributing to the JDX Increasing interest payments Bunching of maturities Excessive nominal and real local interest rates Nexus between debt, fiscal balance, interest rate and exchange rate Unsustainable debt position
12 Jamaica Debt Exchange Improve Maturity Profile Reduced by two-thirds the amount of domestic debt that would mature over the next 36 months Substantial Cost Savings Achieved interest savings of 3 percent of GDP in fiscal year 2010/11 Ensure Banking System Stability Obtain approximately 100% participation rate Minimize impairment of balance sheets Significantly reduce refinancing requirement during period of adjustment
13 J$ billions USD VR FR Pro-forma Impact of Exchange Offer J$ billions USD VR FR Before Transaction After Transaction* USD VR FR J$ billions USD VR FR J$ billions USD VR FR USD VR FR
14 2010/ / /13 Reduced Financing requirement Interest as a % of GDP: 17.28% in 2009/10 Interest as a % of total expenditure: 45% in 2009/10 Unlocked multilateral support US$1.25 BN 10.95% in 2010/11 33% in 2010/11 Slow implementation of structural reforms Fiscal targets not met Interest as a % of Budget: 26% in 2012/ % in 2011/12
15 National Debt Exchange
16 Debt Reduction Strategy National Debt Exchange OBJECTIVES New Fiscal Targets Economic Reform Program Meet IMF Programme Prior Action Reduce Expenditures & Increase Revenue Extend Maturity Profile
17 NDX Highlights FRAN Par for par exchange New longerdated securities 99% Participation rate Lower Debtto-GDP Financial Sector Stability Improved Maturity Profile Terms Agreed with Creditors Prior to Launch 17
18 Maturity Impact of NDX Transaction Pre-Exchange Maturity Profile (in J$) '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 Post-Exchange Maturity Profile (in J$) Substantially lower financing risk in window of IMF Programme '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50
19 Achievements of NDX Interest cash flows reduction Extension of portfolio average life by Approximately 5 years Inflow of $ 2.5 bn Multilateral Credit Achievements Reduced Debt Servicing from 54% to 43% of budget Expected Outcome Responsive economic policies Culmination of a deep domestic debt market Approximately 8.5% reduction in debt-to-gdp by 2020
20 The Way Forward Sustainable Debt Balanced budget 2016/17 Strong institutional framework Central Treasury Management Fiscal Responsibility Framework-Fiscal Rules Implementation of Tax Reform Active growth agenda Continued coordination with monetary policy
21 The Way Forward Sustainable Debt Prudent debt management Active Risk Management Modest government financing needs Development of domestic market Engagement of institutional investors Strong commitment to honouring debt obligations Continued access to multilateral credit
22 Appendix
23 Macroeconomic Overview Fiscal Indicators as a % of GDP 20% 15% 10% 5% 0% -5% 2002/ / / / / / / / / / / /14-10% -15% Fiscal Balance (Surplus + / Deficit -) Primary Balance Interest 6 Month T-bill Yields
24 % yield % yield Jamaica s Debt Profile External Debt Maturity as of Mar Domestic Debt Maturity as of Mar < 1 year 6% < 1 year 6% >10 years 32% >1-5 years 17% >1-5 years 38% >10 years 46% >5-1- years 24% >5-1- years 31% T-Bill Historical Rates J$ Domestic Curve Jan-09 Sep-09 May-10 Jan-11 Oct-11 Jun-12 Mar-13 3 mth 6 mth Source: Ministry of Finance and Planning Pre NDX FR Curve Post NDX FR Curve Years 2
25 25
26 Selected Information Sources Ministry of Finance and Planning Bank of Jamaica Planning Institute of Jamaica Statistical Institute of Jamaica 22
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