Wed | Aug 23, 2017

World Bank to review country strategy for Jamaica

Published:Thursday | June 22, 2017 | 6:15 PM
Sotirova

The World Bank is to review its country strategy for Jamaica as its board of management prepares to approve a two-year extension to its support programme for the island.

Country manager, Galina Sotirova, yesterday said Jamaica has made significant gains in key areas over the four years of its support programme.

Most notably, Sotirova says the country has made impressive gains in strengthening fiscal and debt management; energy diversification; early childhood and social protection development; and rural economic development.

However, she says much more work needs to be done in public-sector transformation, improving MSMEs access to finance, and further strengthening of the resilience of the economy and population to disasters.

The World Bank country manager says its Board of Executive Directors is scheduled to meet tomorrow where it is expected that they will review the country strategy and sign off on an extension for another two years.

This will pave the way for the multilateral bank to disburse the remaining US$170 million from the US$320 million funding support package for the island.

Sotirova says the funds under the revised strategy will focus on public-sector modernisation, strengthening climate and disaster resilience, and other conditions that will facilitate growth.