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World Bank grants big loan for debt control

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  • #1

    World Bank grants big loan for debt control

    Thursday, 15 January 2009

    Jamaica is set to draw down US$100 million in loans from the World Bank for what the Ministry of Finance says is fiscal and debt sustainability.

    The money was approved Thursday by the board of directors of the World Bank in Washington.

    According to a statement from the Finance Ministry, the Fiscal and Debt Sustainability Development Policy Loan will support a broad programme of measures to control public sector balances and debt, as well as increase the efficiency of financial management and budget process.

    The ministry also said that the loan will reduce distortions and enhance the efficiency and fairness of the tax system.

    According to the ministry, the loan programme will facilitate wide ranging reforms including consolidating the budget and rationalising the functions of public sector bodies.

    The formal agreement for the loan is to be signed on Friday January 23 between Minister of Finance and the Public Service Audley Shaw and the World Bank Director for the Caribbean, Yvonne Tsikta.

    The US$100 million commitment, linked loan with a variable over six months, is payable over 30 years including a five year grace period.

    http://www.radiojamaica.com/content/view/14918/26/
    "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)
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  • #2
    Wow!! Nuh last week World Best Omar Davies deh pon Real Business a sound off how him doubt this loan will materialise? I wonder how Ronnie & Ralston gonna spin dis now?
    "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

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    • #3
      Bruce Golding admin maybe moving slow but they are doing some things right. If you follow some people you would think they have done nothing wrong.

      Can you imagine if the Portia Simpson admin was in power in this crisis? First thing that would have happen is there could have been no more bonds floating on the world stock markets like NY and London.

      Big up Audley Shaw for this.
      • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

      Comment

      • #4
        Originally posted by Assasin View Post
        Bruce Golding admin maybe moving slow but they are doing some things right. If you follow some people you would think they have done nothing wrong.

        Can you imagine if the Portia Simpson admin was in power in this crisis? First thing that would have happen is there could have been no more bonds floating on the world stock markets like NY and London.

        Big up Audley Shaw for this.
        Nobody find it ironic that we are getting a loan for debt sustainability?

        Comment

        • #5
          ..and by the infamous World Bank too.





          Blessed

          Comment

          • #6
            Originally posted by Rockman View Post
            ..and by the infamous World Bank too.

            Blessed
            Yuh have something against the World Bank?
            "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

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            • #7
              Me? Everyone but U )





              Blessed

              Comment

              • #8
                Me? Everyone but U )

                Comment

                • #9
                  irony is not the first word that comes to mind....SAD is.

                  Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

                  Comment

                  • #10
                    what is the alternative?

                    All we have been doing is borrowing more and more at higher and higher interest rate.
                    • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

                    Comment

                    • #11
                      Originally posted by Rockman View Post
                      Me? Everyone but U )
                      Well, I for one has always advocated going to institutions like the IMF, World Bank, IDB etc.

                      When unuh decide, can y'all give me an insight as to what is wrong with these institutions?
                      "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

                      Comment

                      • #12
                        Originally posted by Lazie View Post
                        Well, I for one has always advocated going to institutions like the IMF, World Bank, IDB etc.

                        When unuh decide, can y'all give me an insight as to what is wrong with these institutions?
                        Well I believe their stated aim is to reduce poverty. If they aren't reducing poverty why are they still operating? Things that make you go hmmmm.

                        Comment

                        • #13
                          Originally posted by Bricktop View Post
                          Well I believe their stated aim is to reduce poverty. If they aren't reducing poverty why are they still operating? Things that make you go hmmmm.
                          Well, we have governments like the one we had that saw the need to go to the financial markets instead. Markets that were lending money at double digit rates instead of going to these institutions that were lending money at less than 5%.

                          I recall a few years back the World Bank announced that they will be writing off the debt for some countries that met certain criteria. A fellow ite asked what about Jamaica, I only laughed. Heard Omar last week saying something like these institutions are too strict so he refused to deal with them. Yeah ... him wouldn't get fi run wid it.

                          Now that money is tight on the international markets, its a lucky thing this gov't was always insisting that they would be going back to dealing with these institutions.
                          "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

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                          • #14
                            not much of any...that is what makes it SAD!

                            Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

                            Comment

                            • #15
                              Originally posted by Bricktop View Post
                              Nobody find it ironic that we are getting a loan for debt sustainability?

                              Ask those who are celebrating this as a great victory.
                              TIVOLI: THE DESTRUCTION OF JAMAICA'S EVIL EMPIRE

                              Recognizing the victims of Jamaica's horrendous criminality and exposing the Dummies like Dippy supporting criminals by their deeds.. or their silence.

                              D1 - Xposing Dummies since 2007

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