Cabinet Approves Implementation of US$20m Social Protection Project

Cabinet has approved implementation of the US$20-million (approximately $3-billion) Social Protection for Increased Resilience and Opportunities (SPIRO) Project.

This follows submissions from the Ministry of Labour and Social Security, with comprehensive justification by the Ministry of Finance and the Public Service.

Minister without Portfolio in the Office of the Prime Minister with responsibility for Information, Hon. Robert Morgan, provided details during Wednesday’s (March 13) post-Cabinet press briefing at Jamaica House.

Mr. Morgan said the project, slated to run from 2024 to 2029, seeks to strengthen and expand Jamaica’s social protection coverage.

This includes the establishment of unemployment insurance and providing Jamaican workers with risk protection from economic and climate change shocks.

Meanwhile, the Minister said that in respect of the privitisation of Jamaica Mortgage Bank (JMB), Cabinet gave approval for the recommended divestiture modality, which involved the sale of 100 per cent of the shares of the proposed privatisation vehicle, JMB Developments Limited, via an offer for sale of shares and subsequent listing of these on the Jamaica Stock Exchange (JSE) main market.

Mr. Morgan further informed that Cabinet approved the transfer of the River Rafting Authority’s regulatory and operational functions to the Jamaica Tourist Board (JTB) and Tourism Product Development Company (TPDCo), respectively.