Jamaica and the World Bank

Jamaica first joined The World Bank Group (WBG) on 21 February 1963, when the island nation became a member of The International Bank for Reconstruction and Development (IBRD), which lends to middle and low income nations.[1][2] This occurred the same month as Jamaica joining the International Monetary Fund (IMF), and one year after declaring political independence.[3][4] Since joining The World Bank, Jamaica has received in excess of $3 billion US Dollars in loans and grants.[5] Jamaican Minister of Finance, Donald Sangster, led the Jamaican delegations to World Bank and International monetary Fund meetings between 1963 and 1966, while also serving as Governor of the World Bank and IMF.[6] Sangster would go on to serve briefly as the Prime Minister of Jamaica.[7]

By the end of 1988, Jamaica would join every agency within The World Bank Group except for the International development Association (IDA), the agency that provides interest free loans and grants to underdeveloped nations.[2] As of December 2019, The World Bank has completed 91 project in Jamaica, with 10 additional projects currently active, project still pending approval.[8] Jamaica and The World Bank have worked together to get out of the trend of low growth and high debt, a dangerous combination.[9] These condition have resulted in high interest payments that have taken a toll on state budgets. Together that have developed a program that focuses on three strategic areas: "(i) public sector modernization; (ii) enabling environment for private sector growth; and (iii) social and climate resilience.".[9] Since 2019, Jamaica and the World Bank have embarked on an aggressive reform project, which has included The World Bank providing upwards of $500 million US dollars towards development effort in Jamaica.[5]

  1. ^ "Member Countries". World Bank. Retrieved 2019-11-28.
  2. ^ a b A Guide to the World Bank : Third Edition. Washington D.C.: The World Bank. 2011. p. 2. ISBN 978-0-8213-8545-6.
  3. ^ "List of Members' Date of Entry". www.imf.org. Retrieved 2019-12-02.
  4. ^ "Central America :: Jamaica — The World Factbook – Central Intelligence Agency". www.cia.gov. Retrieved 2019-12-01.
  5. ^ a b "Overview". World Bank. Retrieved 2019-12-02.
  6. ^ "The Rt. Hon. Sir Donald Sangster (1911–1967) | The National Library of Jamaica". nlj.gov.jm. Retrieved 2019-12-02.
  7. ^ Lentz, Harris M. (1994). Heads of States and Governments Since 1945. New York: Routledge. pp. 450–451. ISBN 978-1-315-07402-3.
  8. ^ "Projects". World Bank. Retrieved 2019-12-02.
  9. ^ a b Jamaica – Country partnership strategy for the period FY2014-2017 (Report). The World Bank. April 2, 2014. 85158-JM.