UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 18-K/A
For Foreign Governments and Political Subdivisions Thereof
AMENDMENT NO. 1
to
ANNUAL REPORT
of
The Government of Jamaica
(Name of Registrant)
Date of end of last fiscal year: March 31, 2006
SECURITIES REGISTERED
(As of close of the fiscal year)
| | | | |
Title of Issue | | Amounts as to which registration is effective | | Names of exchanges on which registered |
—* | | — | | — |
Name and address of person authorized to receive notices
and communications from the Securities and Exchange Commission:
CATHLEEN MCLAUGHLIN, ESQ
Allen & Overy, LLP
1221 Avenue of the Americas
New York, NY 10020
| * | The Government of Jamaica files Annual Reports on Form 18-K voluntarily in order for the Government of Jamaica to incorporate such Annual Reports into its shelf registration statements. |
| 1. | This amendment to Exhibit D of the annual report of the Government of Jamaica on Form 18-K for the year ended March 31, 2006 comprises the inclusion of the following chart: |
Summary Economic Information
| | | | | | | | | | | | | | | |
| | | 2001 | | | 2002 | | | 2003 | | | 2004 | | | 2005 | |
| | | (in millions of US$, except where noted) | |
DOMESTIC SECTOR | | | | | | | | | | | | | | | |
Nominal Gross Domestic Product (J$ millions) | | 227,460.6 | | | 229,975.7 | | | 235,166.9 | | | 237,375.5 | | | 241,035.0 | |
Nominal GDP (US$ millions)(2) | | 4,924.5 | | | 4,719.4 | | | 4.037.9 | | | 3,866.7 | | | 3,850.4 | |
Percent Change in Real GDP | | 1.5 | | | 1.1 | | | 2.3 | | | 0.9 | | | 1.5 | |
GDP per capita (J$/person) | | 87,327.0 | | | 87,881.0 | | | 89,465.0 | | | 89,847.0 | | | 90,802.0 | |
Inflation | | | | | | | | | | | | | | | |
Consumer Price Index (Percent Change) | | 8.7 | | | 7.3 | | | 14.1 | | | 13.7 | | | 12.9 | |
Interest Rates (Percent) | | | | | | | | | | | | | | | |
Weighted Average Loan Rate | | 19.5 | | | 18.3 | | | 19.3 | | | 17.7 | | | 17.3 | |
Weighted Average Deposit Rate | | 10.1 | | | 8.9 | | | 8.7 | | | 7.8 | | | 7.0 | |
Treasury Bill Yield(3) | | 17.0 | | | 17.0 | | | 22.1 | | | 14.9 | | | 13.6 | |
Unemployment Rate (Percent)(4) | | 15.0 | | | 14.2 | | | 11.4 | | | 11.7 | | | 11.3 | |
EXTERNAL SECTOR | | | | | | | | | | | | | | | |
Average Annual Nominal Exchange Rate (J$/US$) | | 46.2 | | | 48.7 | | | 58.2 | | | 61.4 | | | 62.6 | |
Export of Goods | | 1,454.4 | | | 1,309.2 | | | 1,385.6 | | | 1,601.6 | | | 1,658.6 | |
Alumina | | 642.6 | | | 603.8 | | | 688.9 | | | 814.6 | | | 920.3 | |
Sugar | | 70.5 | | | 66.2 | | | 66.3 | | | 98.1 | | | 76.8 | |
Imports of Goods | | 3,072.6 | | | 3,179.6 | | | 3,328.2 | | | 3,546.1 | | | 4,245.7 | |
Goods Balance | | (1,618.2 | ) | | (1,870.5 | ) | | (1,942.6 | ) | | (1,944.5 | ) | | (2,587.1 | ) |
Current Account Balance | | (757.3 | ) | | (1,074.4 | ) | | (772.6 | ) | | (509.4 | ) | | (974.5 | ) |
Net Foreign Direct Investments | | 613.9 | | | 478.8 | | | 720.6 | | | 601.6 | | | n.a | |
Increase/(Decrease) in Reserves | | 871.3 | | | (243.7 | ) | | (432.1 | ) | | 693.6 | | | 228.9 | |
Net International Reserves of the Bank of Jamaica | | 1,840.7 | | | 1,597.0 | | | 1,165.0 | | | 1,858.5 | | | 2,087.4 | |
Weeks of Coverage of Goods Imports(5) | | 33.6 | | | 29.1 | | | 18.3 | | | 27.8 | | | 27.0 | |
PUBLIC FINANCE (J$ millions)(6) | | | | | | | | | | | | | | | |
Revenue and Grants | | 109,721.5 | | | 118,458.4 | | | 151,434.4 | | | 172,798.3 | | | 186,684.2 | |
Expenditure | | 123,989.0 | | | 149,029.0 | | | 178,732.2 | | | 199,487.8 | | | 207,724.1 | |
Fiscal Surplus (Deficit) | | (14,267.5 | ) | | (30,570.6 | ) | | (27,297.8 | ) | | (26,689.5 | ) | | (21,039.9 | ) |
Percent of GDP | | (3.8 | ) | | (7.3 | ) | | (5.6 | ) | | (4.9 | ) | | (3.3 | ) |
Primary Surplus | | 36,742.9 | | | 31,549.9 | | | 60,871.7 | | | 66,094.7 | | | 67,255.7 | |
Primary Surplus as a percent of GDP | | 9.7 | | | 7.6 | | | 12.3 | | | 12.0 | | | 10.5 | |
Loan Receipts | | 101,826.7 | | | 107,417.4 | | | 132,764.7 | | | 149,680.4 | | | 184,708.9 | |
Amortization | | 90,973.4 | | | 89,917.3 | | | 97,621.7 | | | 129,753.7 | | | 139,971.2 | |
Overall Surplus (Deficit) | | (3,414.3 | ) | | (13,070.5 | ) | | 7,845.2 | | | (6,762.8 | ) | | 23,697.8 | |
Overall Public Sector Surplus (Deficit) (7) | | (19,809.1 | ) | | (46,281.7 | ) | | (16,190.9 | ) | | (35,419.4 | ) | | (41,256.4 | ) |
Overall Public Sector Surplus (Deficit) as a percent of GDP | | (5.2 | ) | | (11.1 | ) | | (3.3 | ) | | (6.7 | ) | | (6.4 | ) |
PUBLIC DEBT | | | | | | | | | | | | | | | |
Domestic Debt (J$ millions)(8) | | 295,165.4 | | | 351,106.7 | | | 417,834.3 | | | 446,961.9 | | | 480,099.2 | |
Percent of GDP | | 79.3 | | | 86.1 | | | 89.0 | | | 83.7 | | | 77.3 | |
Public Sector External Debt | | 4,146.0 | | | 4,347.5 | | | 4,192.1 | | | 5,120.4 | | | 5,375.4 | |
Percent of GDP | | 52.8 | | | 54.4 | | | 54.2 | | | 59.1 | | | 55.9 | |
Total Public Sector Debt | | 491,687.22 | | | 572,696.74 | | | 671,956.93 | | | 762,534.64 | | | 827,242.5 | |
Percent of GDP | | 132.1 | | | 140.5 | | | 143.2 | | | 142.8 | | | 133.2 | |
External Debt Service Ratio | | 13.4 | | | 18.0 | | | 16.1 | | | 14.4 | | | 15.2 | |
TOURISM | | | | | | | | | | | | | | | |
Total Visitor Arrivals | | 2,116,853 | | | 2,131,785 | | | 2,482,881 | | | 2,514,559 | | | 2,614,506 | |
Occupancy Rate (% Hotel Rooms) | | 56.3 | | | 55.5 | | | 57.9 | | | 61.4 | | | 61.9 | |
Visitor Expenditures(9) | | 1,232.9 | | | 1,209.0 | | | 1,351.0 | | | 1,437.0 | | | 1,545.0 | |
| (1) | The gross domestic product series has been revised. This revision was made in order to capture the changing structure of industries in the manufacturing, financial and insurance services, business services and the miscellaneous services sectors. In addition, the base year has been changed from 1986 to 1996. |
| (2) | Calculated using the average annual exchange rate. |
| (3) | Tenors of Treasury Bills are approximately 182 days. |
| (4) | Includes all persons without jobs, whether actively seeking employment or not. In 2003, three labor force surveys were conducted (in April, July and October). Only two labor force surveys were conducted in each of 2001 (in January and April) and 2002 (in April and October). |
Accordingly, for the purpose of comparison, the figures for 2001, 2002 and 2003 represent only two quarters for each year.
| (5) | Calculated on the basis of gross international reserves. |
| (6) | Fiscal year data from April 1 to March 31. For example, 2003 refers to the period April 1, 2002 to March 31, 2003. |
| (7) | Overall Public Sector comprises the central government, the Bank of Jamaica, governmental statutory bodies and authorities and government-owned companies. |
| (8) | Does not include contingent liabilities in the form of guarantees of certain obligations of public entities. |
Source: Bank of Jamaica, Statistical Institute of Jamaica, Ministry of Finance and Planning and Jamaica Tourist Board.
SIGNATURE
Pursuant to the requirements of the United States Securities Exchange Act of 1934, the registrant the Government of Jamaica has duly caused this Amendment No. 1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Kingston, Jamaica on July 24, 2006.
| | |
| GOVERNMENT OF JAMAICA |
| |
| By: | | /s/ Omar Davies |
| Name: | | Omar Davies |
| Title: | | Minister of Finance and Planning |
