World Bank approves $100 million loan for Jamaica

The World Bank on Thursday approved a $100 million loan for Jamaica to aid the government's efforts to reduce its high debt levels. The island state has been hard hit by the global economic crisis that has eaten away at its foreign currency reserves and weakened its financial sector.
"The program is closely aligned with the government's efforts to improve fiscal balances and reduce costly public debt in a sustainable fashion," said Yvonne Tsikata, the World Bank's director for the Caribbean. "Given the potential for decreased fiscal revenues under the current global environment, these efforts are particularly important as a means to enhance fiscal efficiency and help foster growth in the medium term through a better allocation of scarce public resources," she added.