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Jamaica Gets New Lending Program From World Bank

Jamaica Gets New Lending Program From World Bank

Posted by Shanelle Weir on May 07, 2014

The Caribbean director of the World Bank says Jamaica will receive $510 million under a four-year lending program.

At a Tuesday news conference in Kingston, Sophie Sirtaine says the program is part of a reform project led by Jamaica.

Sirtaine has praised positive economic signs, including hitting fiscal targets and a recent return to growth. But she also points to Jamaica’s weaknesses, such as its high vulnerability to shocks.

She says, “It’s not an easy walk, but I think that everybody is trying to do their best to make sure this works.”

Last year, Jamaica began a four-year loan package with International Monetary Fund to stabilize its economy. That deal was reached after Jamaica launched a debt-swap program and halted what the prime minister described as a “serious economic crisis.”

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