- The World Bank and the Inter-American Development Bank (IDB) recognize the decision by the management of the International Monetary Fund (IMF) to present to its Board its proposal for a new Extended Fund Facility with Jamaica. This is an important reflection of that institution's confidence in Jamaica's macroeconomic stabilization program.
- Jamaica has taken the bold decision to tackle the structural impediments to growth that have hindered its development for decades.
- Pending approval by their respective Boards of Directors, the World Bank and the IDB have each preliminarily allocated US$510 million in financing over the next four years. This supplements the support provided by the IMF.
- The World Bank has recently started a series of consultations with Jamaican authorities on a new Country Partnership Strategy (CPS) which will be launched later this year. The new CPS will be designed to support the country as it looks to increase economic growth, create jobs and fight poverty. Since the global financial crisis hit Jamaica in 2008/09, the World Bank and its private sector arm, the International Finance Corporation (IFC) have provided more than US$800 million for social, human development and fiscal management projects, as well as natural disasters risk management and private sector development.
- The IDB has long been committed to its partnership with Jamaica. Since the onset of the international financial and economic downturn in 2008, the IDB has approved US$1.6 billion in loans and US$10.4 million in non-reimbursable technical assistance to Jamaica. In addition to social development, agriculture and infrastructure, part of this envelope also contributed to a coordinated, multilateral support program for macroeconomic stabilization. The IDB has also increased the capacity of our local office with more technical staff and a new representative.
- The IDB and the World Bank are expediting implementation of important ongoing projects that will improve growth, protect Jamaica’s most vulnerable and increase fiscal stability. The IDB and the World Bank share the high priority assigned by the Government to restoring macroeconomic stability and recognize the significant steps already taken to achieve this. The two multilateral institutions stand ready to accompany the Government’s efforts to bring about sustained growth to the benefit of all its citizens.
