After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
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IBRD Loan: US$ 75.0 million equivalentTerms: Maturity = 30 years, Grace = 18 yearsProject ID: P151448Project Description: The objective of the project is to support policies aimed at improving investment... Show More + climate and competitiveness and sustaining fiscal consolidation and enhancing public financial management.For more information, please visit here: Show Less -
WASHINGTON, March 3, 2015- The World Bank Board of Directors approved today a US$ 75 million Development Policy Loan with Jamaica which aims to strengthen support for reforms aimed at improving the investment... Show More + climate and competitiveness, and public financial management.The reforms adopted by the government have started restoring confidence in the Jamaican economy: Jamaica jumped 27 places to 58 among 189 economies worldwide in the 2015 Doing Business indicator and the Government has started discussions with investors on a number of large infrastructure projects including the Logistic Hub Initiative. The World Bank is working with the Government to lay the foundation for economic growth.This financing builds on the reforms supported under a previous Development Policy Loan to Jamaica and is part of a large package of financial support from the International Monetary Fund (IMF), the World Bank and the Inter-American Development Bank (IDB) of about US$ 2 billion over four years, which inc Show Less -
The future is digitalWhile pirates don't now sail the seas of the Caribbean, the threat of drugs and firearms is still very real for the region. As the agency responsible for items entering and leaving... Show More + the country, Jamaica Customs is on the frontline in the fight against contraband.As Major Reese is quick to point out, it's an ongoing challenge balancing border protection and trade facilitation.Digitising the permit and entry forms will expedite processing for the private sector and Customs alike, reducing losses on goods sitting waiting for approval. However, Major Reese was quick to stress that new efficiency measures must not jeopardise officials' capabilities to check for those items which may not be listed on the inventory."When the ship docks, the officers aren't there throughout the entire period," explained Major Reese. "That, in itself, already shows arrangements are currently supportive of cost-reduction to the carriers, but at the same time we have to be mindf Show Less -