The World Bank announced a US$14.85 million grant from the Global Risk Financing Facility (GRiF) to support Jamaica in expanding its financial protection against natural disaster risks.
The GRiF is a multi-donor trust fund housed at the World Bank, supported by Germany and the United Kingdom, and this grant represents the largest made by GRiF to a middle-income country.
World Bank Country Director for the Caribbean, Tahseen Sayed, made the announcement at the event “Learning from Jamaica’s Economic Turnaround” during the World Bank-IMF Annual Meetings last week.
The event featured a presentation from Jamaica’s Minister of Finance Dr Nigel Clarke on the lessons from Jamaica’s success in reducing public debt by almost 50 percent of Gross Domestic Product (GDP) in six and a half years while reducing unemployment and inflation to historically low levels.
Despite Jamaica’s fiscal achievements, the country remains vulnerable to natural disasters and extreme weather events that could threaten the macroeconomic outlook and fiscal gains.