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| Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Donald Wehby said the facility was approved by the IDB earlier this month and the government has submitted a formal request for access. (File photo) | |
KINGSTON, Jamaica, November 20, 2008 - The Jamaica government has negotiated a liquidity line with the Inter-American Development Bank (IDB) that will be made available to commercial banks, for on-lending to the productive sectors, where lines of credit have been cancelled.
Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Donald Wehby said the facility was approved by the IDB earlier this month and the government has submitted a formal request for access.
"We expect to hear from them shortly," Senator Wehby said.
Meanwhile, the Minister has revealed that negotiations with three major international financial institutions - the World Bank, IDB and the Caribbean Development Bank - are ongoing regarding a policy-based loan that would cover the funding requirements needed for the remainder of the current fiscal year, and also the external payments for the following two years.
"I made a presentation to them about a rigorous reform programme, aimed at Jamaica's fiscal and debt sustainability. We received a lot of positive feedback and are moving forward with that programme. We expect to conclude the negotiations and ascertain the necessary approvals by the end of the calendar year," Senator Wehby said.
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