Jamaica Getting $130 Million Loan to Help Stimulate Economic Growth

Above: the signing ceremony for the loan
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A major financing program

By the Caribbean Journal staff

Jamaica is getting a $130 million loan from the Inter-American Development Bank, the organization announced.

The loan aims to strengthen Jamaica’s structural program for economic growth.

“The Jamaican government has been improving its public finances in recent years in order to set the stage for stronger economic growth,” the IDB said in a release. “Under its economic reform program, Jamaica approved key tax reforms that aim at broadening the tax base while correcting a distortionary tax system.”

The program targets several areas, including Jamaica’s pension system and the National Insurance Scheme.

“The IDB has been a consistent partner in this programme of economic reform on which we have embarked and we have made considerable progress because of the support received by the IDB,” said Jamaica Finance Minister Dr Peter Phillips. “We don’t always agree on everything, but when we don’t, we can discuss and emerge with an even stronger bond of collaboration and are better off for having these discussions. This approval, on the eve of Jamaica’s celebration of the 53rd anniversary of Independence, is appropriately timed as we strive to ensure the unfurling of all the opportunities that Independence represents. Our sincere thanks to the IDB for a partnership that is helping us to deliver on the legitimate expectations of the people in Jamaica for a better life.”

The loan has a 20-year maturity.

 

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