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Hon. Nigel Clarke, DPhil., MP, (2nd left) Minister of Finance and the Public Service and Lilia Burunciuc (2nd right), World Bank Country Director for the Caribbean Countries sign a loan agreement to support the Jamaica Social Protection for Increased Resilience and Opportunities Project during a visibility ceremony at the ministry on Tuesday, June 11, 2024. Looking on are Collette Roberts Risden (left), Permanent Secretary, Ministry of Labour and Social Security and Dr. Jaime Saavedra Chanduvi (right), World Bank Human Development Director for Latin America and the Caribbean Region.
Kingston, Jamaica: Wednesday, May 27, 2026
On Tuesday, May 26, 2026, the World Bank, through the International Bank for Reconstruction and Development (IBRD), rated Aaa/AAA, issued a catastrophe (cat) bond providing the Government of Jamaica (GOJ) with US$200 million in insurance coverage against hurricanes.
The new bond replaces the previous catastrophe bond, which provided US$150 million in coverage and was fully paid out in 2025 following the impact of Hurricane Melissa on the island in October 2025.
The 2026 cat bond attracted strong international investor interest, securing participation from twenty-five (25) global investors, up from fifteen (15) investors in the 2024 issuance.
Issued under the IBRD’s “capital at risk” notes program, catastrophe bonds enable developing countries to transfer disaster-related risks to international capital markets. Under the arrangement, the World Bank issues the bond and enters into a risk transfer agreement with the Government of Jamaica. Insurance payouts to Jamaica are triggered if a named storm meets specific criteria for location and severity outlined in the bond terms.
The catastrophe bond forms part of the Government’s multi-layered disaster risk financing strategy, designed to strengthen the country’s financial resilience and support a rapid response following major natural disasters, while reducing the fiscal burden on the Government.Top of FormBottom of Form
Minister of Finance and the Public Service, Fayval Williams, welcomed the successful placement of the catastrophe bond and acknowledged the support of key international partners.
“Jamaica is incredibly grateful to the World Bank for its market guidance and placement of the catastrophe bond across a wide cross-section of global investors. Additionally, Jamaica says ‘Thank you’ to the Monetary Authority of Singapore, who will be supporting the transaction financially,” said Minister Williams.
The cat bond is scheduled to mature on May 23, 2030.
A summary of the bond terms can be found here.
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For further information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Tel: (876) 932-4656/4660/4655
Email: Shakiel.Rochester-Shorter@mof.gov.jm; Suzell.Wray@mof.gov.jm
Contact: Shakiel Rochester Shorter/Suzell Wray
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
On Tuesday, May 26, 2026, the World Bank, through the International Bank for Reconstruction and Development (IBRD), rated Aaa/AAA, issued a catastrophe (cat) bond providing the Government of Jamaica (GOJ) with US$200 million in insurance coverage against hurricanes.
The Ministry of Finance and the Public Service (MOFPS) has signed a J$1.7 billion financial agreement with the European Union (EU) for the Digital Transitioning Programme aimed at supporting Jamaica’s Information Communication Technology (ICT) Policy. A handover ceremony to mark the agreement between the two partners was held at the MOFPS on Thursday, May 21, 2026.
Hon. Fayval Williams, MP, CFA, Minister of Finance and the Public Service (MOFPS), is urging permanent secretaries and heads of entities to be innovative and strategic as they lead in building a resilient and future-proof public service. She made the call during the Government of Jamaica (GOJ) Service Excellence Conference 2026 held at the Jamaica Pegasus Hotel on Wednesday, May 13, 2026.
Following a meeting on Wednesday, April 29, 2026, between the Ministry of Finance and the Public Service (MOFPS) and the Jamaica Confederation of Trade Unions (JCTU), both parties are pleased to advise that an agreement has been reached to resume annual performance-based salary increments.
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