Washington, D.C., May 2, 2024 – The World Bank Group’s Board of Directors has endorsed a new strategic partnership for Jamaica aimed at promoting green, resilient, and inclusive development over the 2024-2027 period. The strategy focuses on advancing various aspects of development while also supporting the government's efforts towards debt reduction and fiscal resilience.
Jamaica's Minister of Finance and the Public Service, Nigel Clarke, emphasized the importance of sustaining macroeconomic stability and fiscal sustainability while driving economic expansion. Clarke stated, "It is important for Jamaica to continue strengthening macroeconomic stability and fiscal sustainability while, at the same time, ensuring that economic expansion is given all possible support."
Clarke further highlighted the significance of the partnership by mentioning, “The Framework reaffirms the long-term partnership between Jamaica and the World Bank, underlining mutual commitment to advancing sustainable development and growth.”
Lilia Burunciuc, World Bank Country Director for the Caribbean, expressed the institution's commitment to supporting Jamaica's development goals. Burunciuc stated, “We will continue supporting the country in its efforts to improve the quality of life of its people, especially for the most vulnerable populations. The new Country Partnership Framework will also aim to strengthen resilience to climate and economic shocks, ultimately fostering a more robust development trajectory for the nation.”
The strategy outlines investments of US $550 million over the next four years, focusing on various areas such as education, social protection, business environment, agriculture, disaster risk management, and response to economic shocks. These investments are intended to enhance the quality of life for Jamaicans and bolster the country's resilience to challenges.
The plan, developed in consultation with various stakeholders including the government, private sector, civil society, and development partners, is a testament to the collaborative efforts towards sustainable and inclusive development in Jamaica.
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