KINGSTON, Jamaica, CMC – Jamaica’s National Natural Disaster Risk Financing Policy, which enabled an immediate response to Hurricane Melissa, is among the major financial achievements of the Government in the 2025/26 fiscal year.
“All disaster risk financing instruments were triggered. The deposits in the Contingencies Fund and the National Natural Disaster Reserve Fund financed relief, rehabilitation, and initial reconstruction, supplemented by donor flows,” said Governor-General, His Excellency the Most Hon. Sir Patrick Allen.
He was delivering the Throne Speech during the 2026/27 Ceremonial Opening of Parliament at Gordon House, on Thursday (February 12), under the theme ‘Building Forward: Enhancing Resilience, Expanding Opportunity’.
The World Bank estimates that the category-five storm, which impacted Jamaica on October 28, 2025, caused approximately US$8.8 billion in physical damage, equivalent to 41 per cent of the nation’s 2024 gross domestic product (GDP).
The Governor-General, in highlighting financial achievements during 2025/26, cited Moody’s upgrade of Jamaica’s long-term issuer and senior unsecured ratings to Ba3 from B1 in December 2025, with the outlook revised to stable.
“This upgrade, delivered after Hurricane Melissa, reflects strengthened institutional and policy frameworks, sustained fiscal discipline, stronger financial-sector oversight, and enhanced disaster-risk management,” he said.
S&P Global and Fitch rating agencies also reaffirmed their ratings of BB and BB minus, respectively, following Hurricane Melissa.
Also significant, he noted. Was the Government’s monetisation of its portion of Sangster International Airport revenue, raising US$400 million through a 10-year bond issued by Montego Bay Airport Revenue Finance Limited.
The Governor-General noted that this followed the successful 2024/25 monetisation of revenue from Norman Manley International Airport.
The Kingston airport went on to receive Latin Finance’s 2025 Infrastructure Financing of the Year: Caribbean award.
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