Prior to the JDX, the Jamaican taxpayer was saddled with debt from government issued securities valued at approximately $700-billion in local fixed rate, variable rate and USD denominated bonds with interest rates ranging from 11% to 33%. Instituted in January of 2010, nearly 99% of bond holders took the offer to accept lower interest securities at longer maturities. Subsequent to the JDX, this debt burden was reduced by US$500 million in 2010 alone. Projections are that overall interest expense saving will top out at roughly J$42.8 billion. MMThe JDX was a key component in Government’s negotiations with the International Monetary Fund (IMF) on a long awaited standby funding arrangement. In press releases issued during the December 2009 to January 2010 period, the Government noted that failure to garner the requisite support from the investing public would have far reaching implications for the government and the wider economy. Such a scenario would greatly jeopardize the successful completion of this crucial lending arrangement with the IMF.