IDB Official Says Growth Prospect Good

General Manager of the Inter-American Development Bank’s (IDB) Caribbean Country Department, Therese Turner-Jones, says the prospect for growth in the Jamaican economy is better than it has ever been.

“This is possible as long as oil prices remain low and as long as the macroeconomic situation remains stable, and by that I mean the debt is coming down,” she said.

“Any country that is able to have a seven per cent surplus for three and a half years in a row, that is a lot of fiscal consolidation,” the General Manager added.

She was speaking at a signing ceremony for some US$50 million ($6.41 billion) in loan funding from the Inter-American Development Bank (IDB), under its Fiscal Structural Programme for Economic Growth (FISPEG) III. The function was held today (December 19) at the Ministry of Finance and the Public Service, Heroes Circle.

The loan will boost tax revenues, enhance control over budgetary expenditure and reinforce customs administration effectiveness.

Mrs. Turner-Jones said the Government and the previous administration were very concerned about the high level of debt.

She noted that having a high level of debt is not conducive to growth, as it creates a great deal of uncertainty for investors.

“The fact that it is coming down and coming down very quickly, because of the primary surplus, should put Jamaica in a very good position,” the General Manager pointed out.