Washington, D.C., May 2, 2024 – The World Bank Group’s Board of Directors endorsed a new strategic partnership for Jamaica today. This new plan for the 2024-2027 period focuses on advancing green, resilient, and inclusive development, while also supporting the government’s efforts toward debt reduction and fiscal resilience under three priorities: boosting human capital, creating higher-quality jobs, and strengthening resilience to shocks.
This strategy comes at a crucial time when Jamaica – building on ten years of effective macroeconomic management and fiscal consolidation – is focused on achieving a higher economic growth rate.
Jamaica has achieved significant progress in bringing its public debt down from 147 percent of the Gross Domestic Product to 72.2 percent in the last 10 years. The sound foundation presents opportunities for productivity enhancements by fostering technological adoption and innovation, improving human capital outcomes, strengthening the business environment, and improving the investment climate. Improving connectivity costs, labor skill mismatches and shortages, and bolstering public safety will be key to fostering an environment for economic expansion and prosperity.
“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. The new Country Partnership Framework will be instrumental to realizing this objective,” said Nigel Clarke, Jamaica’s Minister of Finance and the Public Service. “The Framework reaffirms the long-term partnership between Jamaica and the World Bank, underlining mutual commitment to advancing sustainable development and growth.”
The strategy foresees investments of US $550 million in the next four years, outlining a comprehensive plan of technical and financial assistance, targeting: improving access to quality secondary education, boosting social protection coverage, strengthening the business environment and access to finance, increasing access to agricultural markets, strengthening disaster risk management, and improving Jamaica’s response to economic shocks.
“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,” said Lilia Burunciuc, World Bank Country Director for the Caribbean.
Building on ongoing World Bank Group work in Jamaica, the plan proposes new commitments in the prioritized areas. The recently approved Jamaican Education Project will support the implementation of the human capital development pillar. The project aims to improve teaching practices, learning conditions, and the use of information for better decision-making within the education system. The Social Protection for Increased Resilience and Opportunity (SPIRO) Project (P178582) will support the establishment and implementation of an unemployment insurance benefit, expand, and strengthen employment services, develop an integrated social protection information system, and conduct capacity building on adaptive social protection.
The strategy was prepared based on a comprehensive analysis of the country’s development challenges and in consultation with the government, private sector, civil society, and development partners.
The article originally appeared on Mirage News.
