World Bank Announces Strategy to Promote Inclusive Development in Yes

The World Bank Group Board of Directors has approved a new strategic partnership for Jamaica.

“This new plan for the period 2024-2027 focuses on promoting green, resilient and inclusive development, while supporting the government’s efforts to reduce debt and increase fiscal resilience under three priorities: boosting human capital, creating higher quality jobs and strengthening resilience. to shocks,” according to a press release from the organization.

This strategy comes at a crucial time when Jamaica – building on a decade of effective macroeconomic management and fiscal consolidation – focuses on achieving a higher rate of economic growth.

Jamaica has made significant progress over the past decade in reducing its national debt from 147 percent of gross domestic product to 72.2 percent.

The sound foundation provides opportunities for productivity improvements by promoting technology adoption and innovation, improving human capital outcomes, strengthening the business environment and improving the investment climate. Improving connectivity costs, addressing the mismatch between labor skills and labor skills shortages, and strengthening public security will be critical to creating an environment for economic expansion and prosperity.

“It is important for Jamaica to continue to strengthen macroeconomic stability and fiscal sustainability while ensuring that economic expansion receives all possible support. The new Country Partnership Framework will play an important role in achieving this objective,” said Nigel Clarke, Jamaica’s Minister of Finance and Public Services.

“The Framework reaffirms the long-term partnership between Jamaica and the World Bank and underlines the mutual commitment to promoting sustainable development and growth.”

The strategy foresees investments of $550 million over the next four years, outlining a comprehensive technical and financial assistance plan aimed at: improving access to quality secondary education, increasing social protection, strengthening the business environment and access to finance, increasing access to agricultural markets, strengthening disaster risk management and improving Jamaica’s response to economic shocks.

“We will continue to support the country in its efforts to improve the quality of life for its people, especially for the most vulnerable populations. The new Country Partnership Framework will also aim to strengthen resilience to climate and economic shocks, ultimately promoting a more robust development trajectory for the nation.” said Lilia Burunciuc, World Bank Country Director for the Caribbean.

The plan builds on the World Bank Group’s ongoing work in Jamaica and proposes new commitments in priority areas. Recently approved projects aim to improve the education sector through better teaching practices, inclusivity and better learning conditions, and to improve social protection through the establishment and implementation of unemployment insurance benefits for Jamaicans.

The strategy was prepared based on a comprehensive analysis of the country’s development challenges, and in consultation with government, the private sector, civil society and development partners.