Wed | Oct 18, 2017

IDB commends Jamaica for economic initiatives

Published:Thursday | February 23, 2017 | 1:26 PM
State Minister for Finance and the Public Service Faval Williams said the multilaterals had contributed to the country's economic achievements.

The Inter American Development Bank (IDB) has commended Jamaica for its economic initiatives.

The multilateral body yesterday hailed the country for achieving positive GDP growth.

For the October to December quarter the economy grew by 1.3 per cent, according to the Bank of Jamaica.

State Minister for Finance and the Public Service Faval Williams said the multilaterals had contributed to the country's economic achievements.

She was speaking at the IDB's sixth annual meeting of Governors of the Caribbean now taking place in Washington DC.

According to Williams, the IDB had partnered with Jamaica to implement a number of important projects, including tourism and port development.

During bilateral talks between Williams and President of the IDB, Luis Alberto Moreno, she urged the bank to take another look at Jamaica’s agricultural sector with a view to enabling small and medium enterprises to gain access to affordable financing, as this was critical to the growth and expansion of the agricultural sector.

Among the topics being  discussed at the meeting are de risking and correspondent banking, the development outlook for the Caribbean, and the role of the private sector in the development of the region’s economy.

The three day meeting ends today when finance ministers and Governors of the Central Banks of the Caribbean will attend the one hundred and fourteenth meeting of the Committee of the Board of Governors of the IDB, and the 45th meeting of the Committee of the Board of Governors of the Inter American Investment Corporation.

Williams is accompanied by Jamaica’s representative to the IDB, Arthur Williams.