The Inter-American Development Bank, IDB, says other countries around the world are now trying to emulate Jamaica’s economic recovery over the last four years.
General Manager of the Caribbean Group for the IDB, Therese Turner Jones, made the comment today at the signing ceremony for a USD$50-million loan for Jamaica.
It was held at the Finance Ministry’s Heroes Circle head office. Mrs. Turner Jones says the turn around Jamaica has accomplished over the last four years is unprecedented.
She was speaking at the loan signing ceremony for phase three of the Fiscal Structural Programme for Economic Growth.
The USD$50-million loan will be used for improving tax policy and customs reform, making Jamaica more attractive as a trade partner.
Mrs. Turner Jones says Jamaica’s macro economic future looks good. However, she’s warning that significant challenges remain.
The IDB representative also praised the implementation of the Economic Growth Council.
In the meantime, she says the government must ensure that the second phase of its 1-point-5 million dollar tax break is funded responsibly.
Meanwhile Finance Minister, Audley Shaw, is reminding workers that the effectiveness of the government’s tax break requires increased productivity.
Speaking at today’s signing ceremony, Minister Shaw assured Mrs. Turner Jones that the second phase of the one-point-5 million dollar tax break will be implemented come April one.
He says new indirect tax measures will be used to fund it.
The Minister says the economic impact of phase one of the tax break has been positively felt.