Jamaica Signs $198 Million Loan Agreements with IDB

By: - December 12th, 2011

Above: Finance Minister Audley Shaw (JIS Photo)

By the Caribbean Journal staff

Jamaica has signed loan agreements for a total of $198 million with the Inter-American Development Bank aimed at providing funding for fiscal reform and water projects.

The loans include $133 million for the Kingston Metropolitan Area Water Supply Improvement Programme and $65 million for the Fiscal Administration Modernisation Programme.

Of the latter, $33 million will be going toward the modernisation of the country’s Tax Administration.

“In terms of Tax Administration, it is to strengthen the institutional capacity, including enforcement and taxpayer services, and modernisation of the physical and technological infrastructure including the whole ICT system and platform,” said Finance Minister Audley Shaw.

As part of the loan, the Customs Department will receive $20 million, along with $5 million for the Central Treasury Management System and $7 million for the improvement of debt management within the Ministry of Finance.

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