From the executive summary:
The Caribbean should see an improved fiscal position in 2014, with the overall average subregional deficit at the central government level shrinking from 4.1% of GDP in 2013 to 3.9% of GDP in 2014. Jamaica has made a sizeable contribution to that improvement as it brought down its debt by 4 percentage points of GDP within the framework of its fiscal consolidation programme. Nevertheless, the subregion’s debt levels remain high at close to 80% of GDP on average, with a substantial external component.
Beyond the averages, the fiscal situation in Latin America and the Caribbean is diverse and heterogeneous. Despite the wider deficit and slowing economies, public debt has not risen in general. This apparent contradiction is explained by very favourable borrowing conditions in many countries in the region, which have led to improvements in the cost and maturity profile of public debt in recent years.