Partnership with Int’l Financial Institutions Play A Key Role In Country’s Development

• Prime Minister, the Most Hon. Andrew Holness, says the Government’s partnership with international financial institutions such as the World Bank and the Inter-American Development Bank (IDB) continues to play a pivotal role in the development of the country.
• He made the remarks during a meeting with the newly appointed President of the World Bank, Ajay Banga and President of the IDB, Ilan Goldfajn, at Jamaica House in St. Andrew on June 14.
• Holness noted that Jamaica, with the assistance of the World Bank, the IDB, and the International Monetary Fund (IMF), has achieved the lowering of the debt-to-gross domestic product (GDP) ratio from close to 150% to approximately 80%.
• The Prime Minister said the country will continue to work with the international financial partners to achieve the various developmental goals. He noted that the country will be looking to work with international financial partners to see how it can navigate the multiple overhanging crises, take advantage of opportunities that will present themselves and continue to deepen the reforms that have been undertaken.
• The World Bank and the IDB, together, have about three-quarter trillion US dollars of assets, indicating their financial strength. However, they are more so known for the unmatched depth of their policy experience, the breadth of their technical resources and their unique ability to convene the private-sector investment that is required in infrastructure, in open, transparent and competitive ways across several sectors. These institutions are therefore key in achieving the social policy that is needed across many sectors – education, social safety net, digitisation and other areas to move the country forward.

(Source: JIS news)