February 23, 2010- The World Bank Board of Directors approved today a US$200 million loan for Jamaica to support the government’s comprehensive reform program to address fiscal and debt sustainability. The initiative is a coordinated effort By multilateral development banks and the International Monetary Fund to help the Government of Jamaica sustain its long-term development agenda. The First Programmatic Fiscal Sustainability Development Policy Loan will support a series of measures to enhance fiscal and debt sustainability, increase the efficiency of public financial management and budgeting processes, and increase tax revenues through improved tax administration. The policies supported By the World Bank are complemented By the IMF Stand By Arrangement approved on February 4, 2010, in the amount of US$1.27 billion, as well as By budgetary support from the Caribbean Development Bank, the European Union and the Inter-American Development Bank. The US$200 million commitment-linked loan with a variable spread is payable in 30 years, including a 5.5-year grace period. Source: The World Bank
