World Bank Team to Visit in May

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says a World Bank mission is expected in Jamaica in May, to continue work on the new Country Partnership Strategy (CPS).

He was speaking to JIS News in Washington DC, on the outcomes of the April 19-22 regular Spring Meetings of the International Monetary Fund (IMF) and World Bank in the US capital.

The CPS will provide support for 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.

Consultations have already started on a new programme for Jamaica, which will be launched later this year.

Minister Phillips said the flow of funds to the country will be advanced, “once we are agreed on what would be the contents of the programme to enhance productivity and social protection.”

The delegation to Washington, which included Governor of the Bank of Jamaica, Brian Wynter; Technical Advisor to the Minister, Helen McIntosh; Deputy Financial Secretary, Darlene Morrison; and Ambassador to the United States, Professor Stephen Vasciannie, also held discussions with the IMF staff dealing with the Jamaica programme.

Discussions focused on the technical cooperation that would be received from the Fund and the other agencies, among other important issues.

“We both recognise that part of what we need to do is really establish an important track record of performance under this programme, and that it would also be necessary and desirable to mobilise the additional bilateral commitments from other countries as well,” Minister Phillips stated.

The Finance Minister told JIS News that he also met with President of the Inter-American Development Bank (IDB), Luis Alberto Moreno. The IDB, together with the World Bank, have each agreed to allocate US$510 million in financing to Jamaica over the next four years, to supplement the US$958 million in support from the IMF under a four-year Extended Fund Facility.

Dr. Phillips returns to the island on Tuesday, April 23.