World Bank approves US$100m loan for Jamaica
Published:Thursday | January 15, 2009 | 4:39 PM
The World Bank has approved a US$100 million for Jamaica to help the government improve its fiscal and debt sustainability.
A statement from the Finance Ministry says the loan will support a broad program of measures to control overall public sector balances and debt.
Its also expected to increase the efficiency of the government’s financial management and budget processes.
The formal agreement will be signed by Finance Minister Audley Shaw and Yvonne Tsikata of the World Bank next week Friday.
The US$100 million loan is payable in 30 years.
Members of the cabinet today began a special two-day meeting to examine the fiscal and macro economic outlook for the next financial year.
Cabinet members will also discuss the projections for the 2009/2010 financial year.
The Finance Minister will open the 2009/2010 budget debate on April 16.