Jamaica receives US$2.1 billion to support medium-term socio-economic framework

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Jamaica receives US$2.1 billion to support medium-term socio-economic framework

Sunday, September 13, 2020

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KINGSTON, Jamaica— Jamaica has received US$2.1 billion in official development assistance from international development partners to advance the Government's strategic objectives and priorities under the 2018-2021 medium term socio-economic policy framework.

As contained in the Planning Institute of Jamaica's (PIOJ) 2019 Economic and Social Survey, the provision was part of an overall US$2.2 billion, which included counterpart funding by the Government, to finance new and ongoing projects.

The implementation framework facilitates stage-by-stage operationalisation of the long-term national development plan – Vision 2030 Jamaica, which aims to position the island to achieve developed country status and, in the process, make Jamaica the place of choice to live, work, raise families and do business.

The funding support comprised loans of US$1.5 billion and grants amounting to US$595.3 million, with disbursements totalling US$273.3 million.

Bilateral partners were the largest providers with 48.4 per cent, with multilateral financing institutions accounting for the second highest provision of 47.5 per cent.

The remaining inputs came from multilateral technical cooperation agencies - 2.1 per cent; environment and climate change funds – 1.8 per cent; and multi-donor funds – 0.2 per cent.

The five largest co-operation programmes with Jamaica, by total resources, were the People's Republic of China – US$750.6 million; the Inter-American Development Bank – US$597.5 million; the World Bank – US$232 million; the European Union - US143.3 million; and the United Kingdom – US$100.9 million.

New official development assistance funding for 2015-2019 totalled approximately US$1.8 billion.

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