Government’s Credibility and Fiscal Discipline Unlock International Support for Jamaica’s Recovery and Reconstruction
The Government of Jamaica’s proven credibility and disciplined economic management have unlocked an unprecedented US$6.7 billion in international financing to drive national recovery and resilience following Hurricane Melissa.
This support, coordinated by the International Monetary Fund (IMF), World Bank Group (WBG), Inter-American Development Bank (IDB), Development Bank of Latin America and the Caribbean (CAF), and the Caribbean Development Bank (CDB), reflects global confidence in Jamaica’s governance and strong institutional frameworks.
Speaking in Parliament on Tuesday, Prime Minister Dr. the Most Honourable Andrew Holness outlined that Jamaica’s multi-layered disaster risk financing framework, built through strategic planning and prudent financial stewardship, ensured that the country had approximately US$662 million in liquidity that was available almost immediately following the hurricane.
“This is the very definition of planning, preparedness, and responsible governance. Our multi-layered approach ensured that Jamaica did not wait helplessly for external support; we were prepared and ready to act, ready to deliver, and ready to protect our people,” he said.
Despite the strength of Jamaica’s early-response capacity, the Prime Minister said that given the unprecedented scale of the disaster, additional international financing was essential for full reconstruction and resilience-building.
The Prime Minister underscored that this level of global support was unlocked because Jamaica has demonstrated consistent credibility through fiscal discipline, debt reduction, institutional strengthening, and responsible stewardship of public resources.
“The swift, coordinated response from the International Financing Institutions (IFIs) is a direct vote of confidence in Jamaica’s governance… Jamaica today stands as a credible, responsible, and trustworthy sovereign, and it is that credibility which unlocked this extraordinary level of global support at our moment of greatest need,” he added.
Prime Minister Holness also highlighted the rapid establishment of the National Reconstruction and Resilience Authority (NaRRA), commended by international partners as a best-practice coordinating body for recovery efforts.
The Prime Minister reaffirmed the Government’s commitment to urgency, discipline, and transparency as Jamaica moves forward into a new era of resilience, recovery, and growth.