Prime Minister Endorses Call for Broader Criteria to Determine Multilateral Funding Support

Prime Minister, the Most Hon. Andrew Holness, has endorsed the call for a wider set of metrics to be used by multilateral financial institutions in determining the support that is provided to countries.

“There is a regional and, indeed, a global debate about the nature of support that comes from multilateral financial institutions. There is a sense that it relies too much on GDP (gross domestic product) as the main metric for support. Jamaica’s position, obviously, is that there needs to be a wider set of metrics that are used, criteria that are used to determine how support is given, and so we support and endorse that call,” Mr. Holness said.

He was speaking during a meeting with newly appointed World Bank President, Ajay Banga, and Inter-American Development Bank (IDB) President, Ilan Goldfajn, at Jamaica House on Wednesday (June 14).

In the same vein, Mr. Holness said countries like Jamaica must be efficient and forward leaning in managing expenditure.

“We must be forward leaning in taking charge of our economies, ensuring that we are fiscally responsible and that we manage our expenditure well to ensure that they are efficient and competitive, that they are transparent and that the systems are set up in such a way that corruption cannot flourish in those systems.

“So we use this platform, having you Mr. President, to endorse the call for a system that looks fairly on countries like Jamaica, in terms of how we get access to concessional financing and support,” the Prime Minister stated.

In welcoming the Presidents, Mr. Holness said Jamaica looks forward to continue working with the institutions.

“I know that we will use this opportunity to have stronger… more meaningful relationships to get results for our people and, indeed, the benefit of the world,” Mr. Holness said.

Mr. Banga assumed the position of World Bank President earlier this month, and his historic trip marks the first time that the head of one of the world’s largest lending institutions is visiting Jamaica.

His visit forms part of a six-month tour of countries to engage with the Bank’s clients who are beneficiaries of World Bank-funded projects.