Finance Minister assures Jamaicans that country is well-positioned to manage fluctuations of oil prices resulting from Middle East conflict

Finance Minister Fayval Williams has assured Jamaicans that the country is well-positioned to manage the fluctuations of oil prices resulting from the ongoing conflict in the Middle East.

Speaking during this morning’s Post Cabinet Press Briefing, Mrs Williams pointed to the Net International Reserves (NIR), currently standing at US$6.8 billion as a critical safeguard against sudden movements in oil prices.

She emphasised that Jamaica is dependent on imports of oil; therefore, maintaining the NIRs is essential to ensuring that potential oil price spikes do not undermine national productivity.

The finance minister said the good news is that Jamaica is well positioned in terms of foreign exchange.