83339
               Jamaica: Economic Stabilization and Foundations for Growth

                            IBRD Development Policy Loan

                                 CHAIR SUMMARY

                             Meeting of Executive Directors

                                  December 12, 2013



Executive Directors approved a loan in the amount of US$ 130 million to Jamaica
for the Economic Stabilization and Foundations for Growth Development Policy
Loan on the payment terms and conditions set out in the President’s Memorandum.

Directors supported the WBG participation in the IMF-led Program and
appreciated the quick preparation by the World Bank Group, the IMF, and the
Inter-American Development Bank to help the implementation of critical reforms.
Reforms supported by each International Financial Institution complement each
other and together form a strong program of reforms focused on improving the
macroeconomic situation, tax regime, investment climate, fiscal consolidation, and
competitiveness in key growth areas, including logistics, creative industries, and
agriculture.

Directors acknowledged the risks inherent in the program, particularly those that
stem from Jamaica’s vulnerability to economic shocks and natural disasters, but
agreed that the policy actions underpinned by this DPL were steps in the right
direction. They highlighted the importance for the WBG, IDB and IMF to interact
frequently and closely coordinate the implementation of their respective programs.
Finally, Directors encouraged authorities to continue to demonstrate a high
commitment to implement the reform program as it could help Jamaica’s economy
lay the foundations for stronger growth.