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JIS News

Prime Minister Bruce Golding has announced that the government of Jamaica and the Inter-American Development Bank (IDB) have discussed and agreed on a number of new areas of activity through which the Bank will provide critical and technical assistance to Jamaica that will help the country weather the many challenges it now faces.
Mr. Golding was speaking this afternoon ( June 5) at a luncheon which he hosted at Jamaica House for representatives of the IDB led by its President, Mr. Luis Alberto Moreno, just prior to the signing of a US$1.6 million (J$115,200,000.00) grant agreement . The Grant was signed at the Ministry of Finance following the Jamaica House luncheon. It is being made available under the IDB’s PRODEV initiative and will be used for the “Programme to Support the Implementation of the Government of Jamaica’s medium term action Plan to Manage for Results”.
Mr. Golding told special guests from the public and private sectors as well as representatives of the opposition that the IDB is one of those institutions that understand the peculiar dynamics of the Jamaican situation. He said that under Mr. Moreno’s leadership, the bank has recognized the need for the infusion of new thinking and the recognition that countries like Jamaica cannot avoid dealing with issues such as adjustment, liberalization and the challenge of making ourselves globally competitive. He said the bank has demonstrated under Mr. Moreno’s leadership, ‘an enormous appreciation of the fact that there is a development component in all that we do that has to be respected. Mr. Golding said he welcomed opportunity for Mr. Moreno to interact with the public and private sector representatives who are critical to the efforts being made by the government.
Mr. Golding said Mr. Moreno came to the post of IDB President with outstanding credentials having served the government and the private sector of Columbia which faced similar problems as Jamaica. He said this has helped to inform the leadership Mr. Moreno has offered to the bank and his understanding of the similar challenges which faced Jamaica.
Mr. Golding noted that during earlier discussions he held this morning with Mr. Moreno, he had been very understanding and sympathetic and had laid out a programme of assistance to work with Jamaica to overcome the challenges of rising world prices and other challenging issues .’ He also recognizes that it is not sufficient to survive. We must overcome and we must move on and even in the midst of these challenges we must strengthen the foundation for growth and development ‘, Mr. Golding said.
In his response, the IDB President said he recognized the many challenges such as the rising prices and the many years of high debt which have forced the bank to take stock and to try to find the most suitable solutions to assist countries like Jamaica. ‘This is where the partnership comes in and for this to happen everyone must work together. Businesses can’t just worry about returns on equity but must recognize they have a responsibility towards the society. If everyone begins to partner I can see the society coming together and we will be here for you’, Mr. Moreno assured.
Finance Minister Audley Shaw expressed government’s appreciation to the IDB following which representatives of both the government and the IBD proceeded to the Ministry of Finance for the official signing of the Grant agreement. The PRODEV is an IDB initiative that encompasses a series of specific actions to enhance the effectiveness of the governments of the region and which will allow them to achieve better results in their development interventions.