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On Tuesday November 28, I indicated to Parliament that the first tranche of an IDB loan to support the restructuring of the financial sector had been disbursed. I further stated that a companion loan from the World Bank would be taken to that institution’s Board on Thursday, November 30. I am pleased to announce that the loan for a total of (US)$150 million was approved by the Board within the context of a Country Assistance Strategy (CAS) for Jamaica. The loan application received strong support from the Senior IMF Officer with responsibility for Jamaica, who was asked to address the Board. The first tranche of (US)$75 million should be disbursed in January 2001. Four Executive Directors of the Board issued written statements whilst there were interventions from others. In the discussion of the loan various issues were raised, foremost amongst was a concern that shareholders in the intervened institutions had not been required to assume more of the losses incurred by the companies. The approval by the World Bank Board of this loan is within the context of full support of the Washington-based multilaterals for the macro-economic programme articulated in the budget debate. Of particular importance is that the financing for the programme for the final resolution of the problems in the financial sector remains fully on track.
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