IDB a steadfast partner of Jamaica: Minister Clarke

Finance and the Public Service Minister, Dr Nigel Clarke, says the Inter-American Development Bank (IDB) has been an important partner over the past 10 years, playing a pivotal role in the country’s economic turnaround.

He noted that the IDB came to Jamaica’s aid “at our time of greatest need”.

“The IDB, led by President, Luis Alberto Moreno, took a gamble and lent us over US$1 billion… and has continued to lend us, even as we have been paying down [on those loans]. They remain a steadfast partner of Jamaica,” the Minister said.

He was speaking at the opening ceremony for the Compete Caribbean Partnership Facility [CCPF] forum on the theme ‘Towards Exponential Growth in Jamaica’, at the Marriot Courtyard Hotel in New Kingston on Tuesday (November 20).

Dr Clarke said with the IDB’s intervention, and the subsequent financing arrangement forged with the International Monetary Fund (IMF), other multilateral engagements have enabled the country to record positive out-turns.

“There is no doubt that macroeconomic stability is being entrenched and we are enjoying one of the greatest periods of opportunity that we have ever enjoyed in Jamaica. So, thanks to the IDB and all of the multilateral partners engaged… we wouldn’t be where we are without them,” the Minister said.

The IDB’s Caribbean Department Manager and Jamaica Country Representative, Therese Turner-Jones, said the Bank’s goal “is to be part of solving problems by bringing the best solutions to Jamaica”.

“So when we do something, it’s to make a difference and have a real impact,” she added.

The two-day forum, which concludes on Wednesday (November 21), brings together local policymakers and regional and global stakeholders for deliberations on the development of an ecosystem that repositions Jamaica to benefit from the fourth industrial revolution, which is characterised by a fusion of digitalisation and automation in order to make machines smarter, more interactive and easier to use.

It is being staged under the auspices of the CCPF, which delivers innovative and practical solutions that stimulate economic growth, increase productivity and foster competitiveness in 13 Caribbean countries.

The CCPF is a partnership involving the IDB, United Kingdom Department for International Development, Caribbean Development Bank, and the Government of Canada.