Page content
Jamaica - Fiscal and Debt Sustainability Development Policy Project
Ratings for the Fiscal and Debt Sustainability Development Policy Project for Jamaica were as follows: outcome was moderately satisfactory, risk to development outcomes was high, Bank performance was moderately satisfactory, Borrower performance was moderately satisfactory, and monitoring and evaluation was modest. Some lessons learned included: it is essential for the Bank to work in close collaboration with the International Monetary Fund (IMF) and other development partners in development policy loan (DPL) operations to ensure complementarities and increase the likelihood of success of the overall program. A single DPL can be a useful entry point to address an emergency and to engage with a country where the Bank had no on-going macroeconomic policy dialogue for an extended period. The Bank proceeded to support the government's reform program that was conceptually sound, but the risk of failure was high due to the magnitude of problems facing the country especially the high government debt and limited fiscal space to support economic growth. Under such conditions, the Bank may alternatively consider focusing more of its efforts on institutional strengthening, such as through advisory services to build capacity and to participate with significant funding in a broader reform program supported by IMF and other International Financial Institutions (IFIs).