- Minister of Finance and Planning, Dr. the Hon. Peter Phillips yesterday (October 11), signed a US$60 million loan agreement with the Inter-American Development Bank (IDB).
- The loan is the third tranche of financing for the Public Financial and Performance Management programme.
- President of the IDB, Luis Alberto Moreno, expressed the IDB's satisfaction with respect to Jamaica's strengthened fiscal management.
WASHINGTON, D.C. – Minister of Finance and Planning, Dr. the Hon. Peter Phillips yesterday (October 11), signed a US$60 million loan agreement with the Inter-American Development Bank (IDB), at its headquarters in Washington, D.C.
The loan is the third tranche of financing for the Public Financial and Performance Management programme, which is aimed at strengthening fiscal discipline, improving public financial management, and boosting public performance management.
This forms part of the Government strategic priorities for 2013/14 in the area of fiscal prudence and the pursuit of a credible economic programme.
President of the IDB, Luis Alberto Moreno, who signed on behalf of the bank, expressed the IDB’s satisfaction with respect to Jamaica’s strengthened fiscal management. He said he is satisfied with the country’s progress with the International Monetary Fund’s (IMF) Extended Fund Facility and the first review, which was approved by the IMF’s Board on September 30, 2013.
Mr. Moreno said the review is an important reflection of the IMF’s confidence in Jamaica’s macro-economic stabilization programme. He reiterated that the fiscal management programme combines policy initiatives and government actions in four key areas – fiscal responsibility, financial management, public procurement and performance management and accountability.
He added that all these reforms are paramount to accomplishing the objectives of Jamaica’s stabilization programme currently being implemented and are expected to deliver ambitious debt reduction and fiscal consolidation over the next four years.
The Managing Director said Jamaica has taken a very important step in moving forward and having the international community gain more confidence in the country’s economic stability.
Meanwhile, Dr. Phillips expressed Jamaica’s appreciation to the IDB for its support to the country over the years. He said it has not always been an easy road, but hopes that Jamaica can continue to count on the partnership with the IDB, as the country enters the difficult period of moving towards sustained growth, which remains the basic building block and fundamental objective of the country.
“We have to get to growth through this difficult period of fiscal consolidation and structural reform. As we travel on this strenuous journey, we are going to depend on the understanding, partnership and collaboration of the IDB and other multi-lateral organizations to help us move forward,” the Minister emphasised.
The signing ceremony was witnessed by Ambassador to the United States, His Excellency Stephen Vasciannie; Governor of the Bank of Jamaica, Brian Wynter; Financial Secretary, Devon Rowe; Director General of the Planning Institute of Jamaica (PIOJ), Colin Bullock; Technical Advisor to the Finance Minister, Helen McIntosh; and Alternate Executive Director at the IDB for the Caribbean region, Dr. Richard Bernal.