Jamaica and the World Bank
[1][2] This occurred the same month as Jamaica joining the International Monetary Fund (IMF), and one year after declaring political independence.
[3][4] Since joining The World Bank, Jamaica has received in excess of $3 billion US Dollars in loans and grants.
[8] Jamaica and The World Bank have worked together to get out of the trend of low growth and high debt, a dangerous combination.
[20] Jamaica declared independence August 6, 1962, withdrawing from The Federation of the West Indies, and established a parliamentary democracy centered in the capital of Kingston.
[23] Several economist have voiced concern over this, arguing that an increase in the size of the informal economy can lead to a decline in economic growth.
[24][predatory publisher] Today Jamaica has a population of 2.8 million individuals (2018),[4] a GNI per capita of $4,990 (2018), and a lower inequality rate than most nations in Latin America.
However, after implementing economic reforms as part of program supported by the International Monetary Fund (IMF), The World Bank Group and the Inter-American Development bank (IADB), economic stability was established, and Jamaica has achieved 16 consecutive quarters of growth.
The IMF noted, "structural obstacles, including crime, bureaucratic processes, insufficient labor force skills, and poor access to finance, continue to hinder productivity and growth.
During this time The World Bank provided Jamaica with loan agreements which supported a number of development projects.
In 1965 The World Bank provided Jamaica with loans that supported the construction that expanded a road from Kingston to Spanish Town.
In 1971 the two worked together to improve education by increasing the total number of secondary school and vocational training centers.
During this period, cooperation focused, "on trade liberalization, increased foreign investment and structural adjustment of the economy.
[5] World Bank project during this period have included initiatives to foster private sector modernization, with the goal being "to enhance the government's capacity and effectiveness.".
The IFC provides Jamaica with investments and advisory services to support the nation's private sector.
The IFC work in Jamaica in a variety of different sectors, such as the expansion and privatization of the Sangster International Airport.
[34][35] One such project is Port Authority of Jamaica project, where MIGA issued, "a $41.8 million guarantee to the Bank of Nova Scotia of Canada covering its $44 million shareholder loan to its subsidiary, the Bank of Nova Scotia Jamaica Limited.
[38] Furthermore, unemployment is at historic lows (7.8%), international's reserve coverage is high as well as stable, inflation has stabilized is reduced.
[39][40] According to World Bank data, nearly 390,000 individuals have been impacted by the Program of Advancement through Health and Education (PATH).
[5] Research has indicated that PATH has been successful both in terms of its ability to target the poorest 20% of households, and an overall high level of satisfaction reported by those who engage with the program.
[41] Additionally, The Rural Economic Development Initiative (REDI) continues to improve market access for small-scale farmers and their service providers "by supporting revenue-generating activities in agriculture and tourism, while also providing critical infrastructure, marketing, and management support.
[5] Another project, The Jamaica Integrated Community Development Project, has improved safety and development conditions in 18 inner city and rural communities by improving infrastructure using sustainable solutions, such as solar lighting, or purchasing of safety equipment, such as fire hydrants or extinguishers.
[5] The International Finance Corporation (IFC) has funded a green energy project that has built 11 wind turbines (2016).
