Finance Minister appeals to World Bank for help
Published:Wednesday | October 7, 2009 | 5:54 PM
The finance minister Audley Shaw has appealed to the World Bank to intensify its efforts in working with Jamaica to find innovative solutions to the country’s high level of indebtedness.
Mr Shaw made the appeal while attending the annual meeting of the World Bank and the International Monetary Fund in Istanbul, Turkey.
He spoke of the impact of the global crisis on the Jamaican economy, including plunging revenues from reduced remittances and foreign exchange flows, as well as reduced earnings from the bauxite industry.
Mr Shaw also called for the World Bank to work with the IMF to find sustainable solutions to the region’s problems, which are now being exacerbated by the world economic crisis.
Mr Shaw who is accompanied by the central bank governor, Derick Latibeaudiere, also met with officials of the IMF and held detailed technical discussions on Jamaica’s medium term programme in support of a Standby Agreement with the Fund.
The finance minister leaves Istanbul today to attend a meeting of the Committee of Governors of the Inter-American Development Bank (IDB) in Spain.
During that meeting he will have discussions with IDB President, Luis Alberto Moreno and other senior officials of the bank on proposed assistance to Jamaica.
Mr Shaw is scheduled to return to the island on the weekend.