World Bank Approves Report to Facilitate Growth

The World Bank has approved a Country Partnership Strategy Report for Jamaica that will facilitate growth and further monetary disbursements under that institution’s commitment to the country.

Finance and Planning Minister, Dr. the Hon. Peter Phillips, who made the announcement during his closing 2014/15 Budget Debate presentation in the House of Representatives, on April 30, said the facility, which was approved on Tuesday, April 29, sees the World Bank indicating its support in three key areas.

These, he outlined, include: public sector modernization; creating an enabling environment for private sector growth; and building social and climate resilience.

Activities and areas which Dr. Phillips said are being focused on under public sector modernization, include: implementation of a new Debt Law; support to reform the public pension system and Public Sector Investment Programme; improving customs administration; standardization of the Kingston port; and continued support to public-private partnerships in energy, transport, wastewater treatment, and education.

In an effort to create an enabling environment for private sector growth, Dr. Phillips said the facility will be focused on fostering investments in high potential sectors, such as logistics and agriculture; helping to reduce the time needed for an entrepreneur to register a new business, obtain a construction permit, and pay taxes; providing digital training opportunities for the youth; and establishing regional incubators for mobile and climate innovations.

For building social and climate resilience, the Finance Minister advised that the areas of focus will include: strengthening the government’s social protection programmes; supporting the development of a comprehensive framework for disaster and climate risk management; increasing the number of Jamaicans benefitting from social assistance programmes, as well as the number of households with access to water, electricity, and regular solid waste management.

“Looking forward towards the objective of debt sustainability, it is imperative for Jamaica…to stay on the (economic reform) programme, maintain constructive dialogue with our international development partners, and among ourselves, and to pool our efforts in striving  for stronger economic growth,” Dr. Phillips emphasized.