IDB Funds Jamaica’s Public Financial And Performance Management Program

WASHINGTON, D.C. CMC – The Inter American Development Bank (IDB) is providing a US$60 million loan to Jamaica to finance the country’s public financial and performance management program.

IDB president, Alberto Moreno, and Jamaica’s Finance and Planning Minister, Dr. Peter Phillips, signed the agreement here with Moreno expressing the IDB’s satisfaction with respect to Jamaica’s strengthened fiscal management as well as the country’s progress with the International Monetary Fund’s Extended Fund (IMF) facility.

The IDB loan represents the first policy based Loan operation since 2011 and follows the Jamaica government’s efforts to enhance public management by strengthening fiscal discipline, improving public financial management, and increasing public performance management.

The program combines policy initiatives and government actions in four key areas: fiscal responsibility, financial management, public procurement’ and performance management and accountability. All of these reforms are paramount to accomplishing the objectives of Jamaica’s stabilization program currently being implemented.

These reforms are expected to deliver ambitious debt reduction and fiscal consolidation over the next four years for Jamaica.

The programs’ expected results include greater fiscal discipline; more efficient and effective public financial management; improved service delivery and greater accountability in public performance management.