Shaw Inks US$200 Million Policy-Based Loan with IDB

first_imgShaw Inks US$200 Million Policy-Based Loan with IDB Finance & Public ServiceAugust 3, 2010 RelatedShaw Inks US$200 Million Policy-Based Loan with IDB RelatedShaw Inks US$200 Million Policy-Based Loan with IDB RelatedShaw Inks US$200 Million Policy-Based Loan with IDBcenter_img Advertisements FacebookTwitterWhatsAppEmail The Honourable Audley Shaw, Minister of Finance and the Public Service and Mr. Luis Alberto Moreno, President of the Inter-American Development Bank (IDB), signed a loan for US$200 million (JA$17.2 billion) today at the IDB Headquarters in Washington.The loan, under the Government’s Fiscal Consolidation Programme, is to support the GOJ’s efforts to achieve fiscal policy goals over the short and medium term, and was secured at an interest rate of 1.51 percent.Once disbursed, today’s loan represents a total of US$430 million (JA$37.0 billion) in funding from the IDB since Jamaica entered into an agreement with the International Monetary Fund (IMF) in February this year.In commenting on the IDB Loan Programme over the two-year period of the IMF Agreement, Minister Shaw said, “The IDB is committed to a disbursement of over US$600 million (JA$51.7 billion) in policy-based loans to Jamaica in this Calendar year at interest rates of less than 1.5 percent per annum.”“This represents the largest loan to a country as a percentage of its GDP in the IDB’s history. This represents an extraordinary level of confidence being shown by the IDB in the policies of the Government of Jamaica,” said Shaw.Outside of the IMF, which provides balance of payment support, the IDB is Jamaica’s largest source of budgetary support, with funding accessed through policy-based loans and channeled directly into the Fiscal Consolidation Programme. Specific areas of interest include the strengthening of fiscal discipline and accountability, reduction of the public debt/GDP ratio, and stimulation of economic growth and development in the Jamaican economy.Minister Shaw also underscored the Government’s strong commitment to sustained fiscal reform and good governance, and congratulated President Luis Alberto Moreno on his re-election to a second term as head of the IDB.Also at the signing were Ambassador Audrey Marks, Ambassador of Jamaica to the United States, Mr. Gerard Johnson, IDB Representative to Jamaica, and Ambassador Richard Bernal, Executive Director of the IDB for the Caribbean.last_img read more

Climate Change Must Be Included In Development Planning

first_imgRelatedData Being Collected Through RiVAMP to Mitigate Effects of Climate Change RelatedCountries Urged to Put in Place Sound Disaster Risk Reduction Systems RelatedMinister Pickergsill Pleased With First Climate Change Consultation Advertisements Climate Change Must Be Included In Development Planning Climate ChangeAugust 18, 2014Written by: Douglas McIntoshcenter_img Story HighlightsDirector of Urban and Regional Planning, Ministry of Local Government and Community Development, Marsha Henry-Martin, says that development planning in Jamaica must incorporate disaster mitigation measures and strategies to address climate change.These considerations, she said, are imperative in light of the extent of informal settlements across the island, totaling approximately 700, which are home to a minimum of 15 per cent of the country’s population.Mrs. Henry-Martin was addressing a climate change workshop at the Courtleigh Hotel in New Kingston on Wednesday, August 13. Director of Urban and Regional Planning, Ministry of Local Government and Community Development, Marsha Henry-Martin, says that development planning in Jamaica must incorporate disaster mitigation measures and strategies to address climate change.These considerations, she said, are imperative in light of the extent of informal settlements across the island, totaling approximately 700, which are home to a minimum of 15 per cent of the country’s population.Mrs. Henry-Martin, who was addressing a climate change workshop at the Courtleigh Hotel in New Kingston on Wednesday, August 13, said that informal settlements have been described as Jamaica’s “single biggest social challenge” and the “cause of great social dysfunction”.She said that inter-Ministry and inter-agency research show that “there are several natural hazards, which impact our settlements and (are) likely (to) impact our inner-city settlements and our squatter settlements, more often than they do settlements that are planned.”“So…we must recognize that climate change, because of its multi-faceted nature…must (be incorporated)…within our planning framework, and in how we use land,” the Director argued.She said that disaster mitigation must also be addressed “as Jamaica, like other countries in the Caribbean and Latin America, seeks to improve living standards, and realize the stated goals of (the National Development Plan) Vision 2030.”“The issue can only be resolved through processes guided by professionals with a passion for national development,” she contended.The two-day workshop, organised by the  Caribbean Disaster Emergency Management Agency (CDEMA)/Office of Disaster Preparedness and Emergency Management (ODPEM), formed part of preparations for the development of a Comprehensive Disaster Management Country Work Programme (CDM CWP) for Jamaica.Nearly 30 representatives of government ministries, departments, and agencies, as well as non-governmental organizations (NGOs) were in attendance.It sought to heighten the participants’ awareness of climate change and its impacts; assist in identifying existing alternative adaptation options for disaster risk reduction nationally and sectorally; prioritize and sequence viable adaptation options into entry points and actions that build on the current comprehensive disaster management country work programme framework for disaster risk reduction; and integrate climate change considerations into a draft climate –smart CDM country work programme for Jamaica.This forms part of efforts to strengthen the island’s ability to effectively respond to the impact of climate change and natural disasters, under phase two implementation of CDEMA’s $75.6 million (€512,000) Mainstreaming Climate Change into Disaster Management (CCDM II) Project, being funded by the Austrian Development Agency (ADA).The project, which is being implemented locally by ODPEM, aims to strengthen CDEMA member countries’ resilience and response to the effects of climate change and natural disasters, through the institution of practical planning adaptation interventions measures at the national and community levels. FacebookTwitterWhatsAppEmail last_img read more