BOJ Governor Highlights 15 Years of Economic Growth Fuelled by Multilateral Partnerships

  • Bank of Jamaica (BOJ) Governor Richard Byles has underscored the pivotal role of multilateral partnerships in driving the country’s economic achievements over the past 15 years.
  • Notable collaborations with stakeholder interests such as the International Monetary Fund (IMF), World Bank, Centre for Latin American Monetary Studies (CEMLA), European Union (EU), Economic Commission for Latin America and the Caribbean (ECLAC), and the French Development Agency have been instrumental in providing funding, technical advice, and capacity-building programmes.
  • Addressing members of the Diplomatic Corps at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston on Monday (March 10), Byles highlighted the significance of these partnerships in enhancing the stability of Jamaica’s financial system, implementing inflation targeting, macroeconomic modelling, financial market operations, and sector supervision.
  • He also acknowledged the multifaceted bilateral support received from countries including the United States, China, Japan, the United Kingdom, France, Cuba, and South Africa. Their contributions have been critical in stimulating economic growth, strengthening resilience to shocks, improving governance, and advancing infrastructure development. Additionally, this support has fostered progress in health, trade, investment, education, and climate-change initiatives.
  • Emphasizing the BOJ’s commitment to integrating climate-risk considerations into its supervisory framework, Byles noted Jamaica’s increasing vulnerability as a small Caribbean Island nation. The Central Bank has been actively publishing papers on climate-risk integration with grant support from the French Development Agency and plans to undertake its own climate-risk disclosures.
  • Reaffirming the BOJ’s dedication to international economic cooperation, Byles welcomed continued dialogue with the diplomatic community. “We at Bank of Jamaica appreciate this kind of exchange to improve international economic cooperation and welcome continued dialogue as we work to overcome challenges and seize opportunities now and in the future,” he stated.

(Source: JSE)