Economist Keenan Falconer says Jamaica was able to secure US$6.7B package from multilateral partners due to its fiscal credibility

Prime Minister Dr. Andrew Holness has welcomed the announcement of a major recovery and reconstruction package of up to US$6.7 billion from Jamaica’s international development partners.

The announcement follows damage caused by Hurricane Melissa which is estimated at US$8.8 billion.

The package was assembled by CAF–Development Bank of Latin America and the Caribbean, the Caribbean Development Bank (CDB), the Inter-American Development Bank Group (IDB), the International Monetary Fund (IMF) and the World Bank Group (WBG).

It includes emergency response financing, sovereign loans, grants and private sector investments over the next three years.

The announcement by the five international financial entities was made on Monday.

Prime Minister Holness has expressed appreciation for the demonstration of international partnership.

He said the coordinated support will allow Jamaica to recover stronger, rebuild smarter and accelerate relief to citizens.

Dr. Holness said Jamaica has a strong recovery plan, and the commitment of these institutions to stand with the nation at this critical moment will advance and expedite the country’s recovery significantly.

The announcement precedes a high-level call Prime Minister Holness will hold with representatives from the 5 financial institutions to discuss implementation of the package.

Additionally, multilateral partners have indicated the availability of up to US$3.6 billion in sovereign and emergency financing over the next three years.

The institutions are also providing extensive technical assistance, policy advisory support, and grant funding to ensure Jamaica’s recovery is well-coordinated and grounded in global best practices.

Furthermore, the IDB Group and the World Bank Group are working to mobilize approximately US$2.4 billion in private investment to support resilient rebuilding, critical infrastructure and private-sector-led recovery initiatives.

The government has extended its gratitude to its international partners for standing firmly with the Jamaican people during this time and supporting the country’s journey toward a stronger, more resilient future.