News

World Bank Approves $130 Million Loan For Jamaica

By: Caribbean Journal Staff - December 13, 2013

Above: the World Bank

By the Caribbean Journal staff

The World Bank Board of Directors has approved a $130 million development policy loan for Jamaica.

The loan aims to promote “economic stability, debt sustainability and improve competitiveness in Jamaica,” according to a statement from the Bank.

“For over three decades, Jamaica’s economy has faced serious challenges to achieve sustained levels of economic growth,” Jamaican Finance Minister Dr Peter Phillips said. “This has resulted in a continuing fragile economic environment with considerable underlying vulnerabilities and a high public debt level that imposes an enormous fiscal burden.”

The Bank said the main objectives of the loan were to achieve an improved investment climate, “sound” public financial management and a more transparent tax regime.

“Through fundamental changes in fiscal and public sector management and competitiveness, Jamaica is taking critical steps to catalyze large investments and positive economic spillovers,” said Sophie Sirtaine, country director for the Caribbean. “These reforms are key to lay the foundations for higher growth in Jamaica, which is needed to achieve fiscal and debt sustainability, and create jobs and shared prosperity for its people.”

The loan will be followed by a series of programmes under the World Bank’s new Country Partnership Strategy with Jamaica, which will be accompanied by technical assistance from the bank-managed trust fund of the United Kingdom’s Department for International Development and “additional investments under preparation.”

Popular Posts cape santa maria

From Anguilla to Aruba, the Best Caribbean Beaches to Visit This Summer

Forget the Hamptons, forget Santorini. And Florida? There’s a reason snowbirds go home in the summer. If you’re looking for a summertime beach getaway, the Caribbean is it. The water is deliciously warm, the trade winds keep you cool and […]


From Belize to Grenada, 10 Little Caribbean Beach Resorts to Visit Right Now 

karibuni

There are different resorts for different vacations, different tastes, different moods. For some, there’s something delicious about a pint-sized, tiny Caribbean resort, where the emphasis is on the intimate, the serene. Where the soundtrack isn’t a piped-in DJ set, but […]


Southwest Airlines Is Starting New Flights to Turks and Caicos, Cayman and The Bahamas 

beach at palms resort with umbrellas

Orlando has become an increasingly important source market for Caribbean travel in recent years, with carriers like Spirit and JetBlue adding new routes to the region to destinations like Cancun, Punta Cana and Puerto Rico.  Now, another carrier has is […]


Related Posts club mobay inside the lounge

The Caribbean's Best Airport Lounge Is in Montego Bay, Jamaica

Travelers are flocking to Jamaica, something that’s been a trend since the island’s tourism reopening during the pandemic. It’s easy to see why: the beaches, the fantastic resorts, the culture.  But if you’ve been to Jamaica, particularly Montego Bay, you […]


This Grenada Luxury Resort Is Adding New Suites 

grenada suites

One of Grenada’s top luxury resorts is planning an expansion, Caribbean Journal has learned.  The lovely Calabash Hotel is adding four new suites, an expansion that will raise its total room stock to 34.  The new suites are expected to […]


Caribbean Photo of the Week: Montserrat, From the Water

montserrat caribbean photo

The latest Caribbean Photo comes from Caribbean Journal reader Corinne Mclean, who sent in this stunning photo of Montserrat, taken from a boat. Have you taken a great photo in the Caribbean? Send it to news@caribjournal.com with CPOTW in the […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You