The World Bank today approved a $130-million Development Policy Loan with Jamaica.
It is aimed at promoting economic stability, debt sustainability and improved competitiveness in Jamaica.
According to a World Bank statement, Jamaica's progress on poverty and shared prosperity has been seriously undermined due in large part to economic shocks that are amplified by structural weaknesses in the economy.
The Bank says the main results to be achieved under the new policy include an improved investment climate and competitiveness and facilitation of more productive private sector investment.
And the policy is also expected to result in the creation of a sound public financial management through pension reform, a more transparent tax regime and better planning and monitoring of all public investments.
It will be followed by a series of programs under the new Country Partnership Strategy with Jamaica and complemented by technical assistance provided by the Bank.
The loan, from the International Bank for Reconstruction and Development to Jamaica, will mature after 29 years, with a six year grace period.
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