The United Kingdom has decided to wipe millions of dollars of Jamaica’s debt from the slate.
KINGSTON, Jamaica, Thursday April 7, 2011 – The United Kingdom’s Department for International Development (DFID) has granted Jamaica a total of J$327 million (£2.4 million/US$3.9 million) in debt relief.
The money had been owed on past official development assistance loans provided through the DFID, and the relief follows an assessment of selected indicators from the Jamaica Government’s Medium Term Framework and the National Development Plan.
Finance Minister Audley Shaw has expressed gratitude to the UK for helping the country reduce its debt load.
“We are grateful for the UK Government’s generous and continued support demonstrated on a number of levels, not the least of which is this act of support by DFID,” he said.
Shaw also emphasized the Government’s “unwavering commitment” to maintaining fiscal discipline and instituting economic and social reforms to improve living conditions for Jamaicans.
Since 1997, the UK has given nearly £88 million pounds (US$143.5 million) in bilateral aid and debt relief to Jamaica, which has helped to support initiatives in security, justice, health, education, agriculture, infrastructure, public sector modernisation and private sector development.
The DFID’s work in Jamaica is part of its Caribbean programme, which aims to promote economic growth and address risks to the potential for growth, such as security and climate change.
UK Minister of State for International Development, Alan Duncan, said his government recognised that the macro-economic environment remains challenging, and that the next few years will be critical to reducing the size of Jamaica’s public debt and increasing the efficiency of the public sector.
He said he looked forward to continuing his government’s close working relationship with Jamaica “towards ensuring a sustainable and equitable development path” for the Caribbean island.
Duncan also commended Jamaica’s efforts to reduce crime over the past several months, and placed on record the UK Government’s continued commitment to supporting the country’s efforts to address the security and safety of communities and to improve the performance of the police.
The money had been owed on past official development assistance loans provided through the DFID, and the relief follows an assessment of selected indicators from the Jamaica Government’s Medium Term Framework and the National Development Plan.
Finance Minister Audley Shaw has expressed gratitude to the UK for helping the country reduce its debt load.
“We are grateful for the UK Government’s generous and continued support demonstrated on a number of levels, not the least of which is this act of support by DFID,” he said.
Shaw also emphasized the Government’s “unwavering commitment” to maintaining fiscal discipline and instituting economic and social reforms to improve living conditions for Jamaicans.
Since 1997, the UK has given nearly £88 million pounds (US$143.5 million) in bilateral aid and debt relief to Jamaica, which has helped to support initiatives in security, justice, health, education, agriculture, infrastructure, public sector modernisation and private sector development.
The DFID’s work in Jamaica is part of its Caribbean programme, which aims to promote economic growth and address risks to the potential for growth, such as security and climate change.
UK Minister of State for International Development, Alan Duncan, said his government recognised that the macro-economic environment remains challenging, and that the next few years will be critical to reducing the size of Jamaica’s public debt and increasing the efficiency of the public sector.
He said he looked forward to continuing his government’s close working relationship with Jamaica “towards ensuring a sustainable and equitable development path” for the Caribbean island.
Duncan also commended Jamaica’s efforts to reduce crime over the past several months, and placed on record the UK Government’s continued commitment to supporting the country’s efforts to address the security and safety of communities and to improve the performance of the police.
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