BUSINESS, Commerce, Social media

Jamaica Gets $285 million Contingent Loan From IDB

The Inter-American Development Bank (IDB) has granted $285 million contingent loan to Jamaica to help boost the nation’s disaster response efforts and help protect the public purse.

The loan allows Jamaica to meet any extraordinary public expenses that may result from natural disasters.

It will also allow the country to cushion any financial shock that may negatively impact its fiscal balance.

Jamaica ranks 19th in the world for its exposure to natural disasters, which include hurricanes, earthquakes, and droughts.

Between 1988 and 2012, eleven named storms have affected Jamaica.

It is estimated that Hurricane Gilbert costs Jamaica 28 percent of its GDP.

Readers Bureau, Contributor

Edited by Jesus Chan

Do you want to add feedback to this story? Please add a comment in the e-mail box below.

Like our Facebook page

Follow us on Twitter