PRIME Minister Dr Andrew Holness has described as historic the US$6.7-billion being made available by several multilateral institutions to drive Jamaica’s recovery and rebuilding efforts in the aftermath of Hurricane Melissa.

The Category 5 storm, which slammed into south-western parishes on October 28 with winds of 185mph and above, left a trail of destruction which has been preliminarily estimated at US$8.8 billion.

It was revealed on Monday that international financial institutions (IFIs) — the International Monetary Fund, World Bank Group, Inter-American Development Bank, Development Bank of Latin America and the Caribbean, and the Caribbean Development Bank — had jointly announced a three-year coordinated financing package of up to US$6.7 billion to support Jamaica’s recovery, reconstruction, and long-term resilience.

“This is the single largest and most comprehensive development financing package ever assembled for Jamaica,” Holness said Tuesday during a statement in the House of Representatives.

“It gives us the liquidity, the fiscal space, and the multi-year investment framework required to rebuild stronger and more secure for our future. Securing support of this magnitude within one month of Hurricane Melissa is nothing short of historic. It reflects sustained, direct, and proactive engagement at the highest levels,” the prime minister added.

According to Holness, the swift, coordinated response from the IFIs is a direct vote of confidence in Jamaica’s governance. “It reflects the credibility we have rebuilt through years of disciplined fiscal management, debt reduction, institutional strengthening, and responsible stewardship of the people’s resources.

“It is the cumulative result of a decade of sacrifice — by the public sector, the private sector, civil society, and above all, the Jamaican people — who have carried the burden and stayed the course.”

Holness told the House that, “Jamaica today stands as a credible, responsible, and trustworthy sovereign, and it is that credibility which unlocked this extraordinary level of global support at our moment of greatest need.”

According to Holness, he and Finance Minister Fayval Williams met Tuesday with the heads of the institutions to outline next steps, align implementation pathways, and prepare for rapid disbursement. He said the message from the IFIs could not have been clearer.

“They told us directly that Jamaica — already the poster child for fiscal responsibility — now has the chance to become the poster child for post-disaster recovery and reconstruction.”

Holness said the IFIs commended the Government’s decision to establish the National Reconstruction and Resilience Authority (NARRA), noting that few countries act so quickly to set up a modern, best-practice, central coordinating body to drive recovery with discipline, transparency, and long-term vision.

“These institutions are not looking at Jamaica as a country in crisis, they are looking at Jamaica as a global standard-setter. The world is watching Jamaica — not just with empathy, but with admiration, respect, and expectation. We now have a rare opportunity to show what a small nation, united in purpose and confident in its future, can achieve on the global stage,” declared Holness.

The multi-phased national reconstruction strategy includes phase one, which addresses stabilisation and essential services. The stage is focused on the restoration of electricity, water, connectivity, emergency shelter, food supply chains, and key transport links.

The prime minister stated that as these stabilise, relief will transition from physical distribution to targeted financial support through vouchers — restoring dignity, autonomy, and choice to affected Jamaicans.

Phase two addresses economic and social recovery and focuses on the reopening of schools; restoration of health facilities; support for farmers, small businesses, and tourism operators; and reactivation of local economies.

In this phase direct support will be provided to micro, small, and medium-sized enterprises (MSMEs) which the prime minister described as the backbone of Jamaica’s economy and the most vulnerable to prolonged disruption.

“MSMEs are essential to employment, rural livelihoods, supply chain recovery, and the restoration of commercial activity across the island,” said Holness. “Ensuring their swift restart is, therefore, critical to Jamaica’s overall economic rebound.”

The prime minister said it was in this context that the Development Bank of Jamaica has launched its Business Recovery Programme, a comprehensive package to restore operations across agriculture, manufacturing, tourism and health, with a strong focus on MSMEs.

To capitalise this programme, Cabinet has approved $3 billion in funding for the remainder of the 2025/26 fiscal year. Further allocations will be made for 2026/2027 through the budget process.

Phase three of the exercise focuses on resilient reconstruction.

“This is the heart of our long-term strategy. Every major investment will reflect stronger engineering, climate-ready design, and future-proofing,” said Holness.

“Our reconstruction is not merely about restoring what was lost; it is about building a stronger, more competitive Jamaica, capable of withstanding future climate shocks,” he said.

Declaring that, “We will turn this moment of crisis into an opportunity for transformation,” Holness said the Government will approach reconstruction as a growth-inducing strategy.

He pointed out that the reconstruction effort being deployed across infrastructure, housing, digitalisation, logistics, agriculture, and energy will create thousands of jobs, crowd in private investment, improve national productivity, protect fiscal sustainability, and reposition Jamaica as a resilient, modern, competitive economy.