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JA signs US$60 million loan agreement with Inter-American Development Bank

Published:Friday | October 11, 2013 | 5:12 PM

Minister of Finance and Planning, Dr Peter Phillips today signed a US$60 million loan agreement with the Inter-American Development Bank (IDB), at its headquarters in Washington, D.C.

The loan is the third tranche of financing for the Public Financial and Performance Management programme, aimed at strengthening fiscal discipline and boosting public performance management.

President of the IDB, Luis Alberto Moreno expressed the IDB’s satisfaction with respect to Jamaica’s strengthened fiscal management.

He said he is satisfied with the country’s progress with the International Monetary Fund’s (IMF) Extended Fund Facility and the first review, which was approved by the IMF’s Board on September 30.

He noted that the review is an important reflection of the IMF’s confidence in Jamaica's macro-economic stabilisation programme.

The IDB head noted that the reforms being funded by the Bank are paramount to accomplishing the objectives of Jamaica’s IMF programme.


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