Jamaica’s debt-to-gross domestic product (GDP) ratio has increased marginally amid an eight per cent increase in the stock of public debt, the country’s independent fiscal monitor has disclosed.

At the end of March this year, the stock of debt for the specified public sector — central government and select self-financing public bodies — stood at $2.4 trillion, an increase of $179.8 billion year-on-year, according to the latest report by the Independent Fiscal Commission (IFC).

The IFC is Jamaica’s non-partisan oversight body tasked with monitoring, assessing and reporting on the Government’s compliance with fiscal rules.