Finance Minister Dr. Nigel Clarke says Jamaica did not experience damage that will see it utilising some of its emergency financing measures.
In a release to the media, Dr. Clarke said funding will not be drawn down from the Catastrophe Bond to finance recovery from Hurricane Beryl.
The World Bank settled the facility in the amount of US$150 million.
"[It] essentially serves the purpose of providing financial protection against a category 5 or very intense category 4 hurricane making landfall in Jamaica. Had Hurricane Beryl made landfall in Jamaica or had Hurricane Beryl maintained its intensity as observed on Tuesday, as measured by centralised air pressure, it would have certainly triggered the Catastrophe Bond," he explained.
Dr. Clarke said it is also unlikely the Precautionary Liquidity Line from the International Monetary Fund (IMF) will be utilised.
That provides coverage of up to J$140 billion.
"The PLL is intended for countries with strong fundamentals and can be drawn in event of liquidity problems that emerge. While it is too early to rule anything out, we do not anticipate that Hurricane Beryl has led to or will lead to liquidity issues for the government of Jamaica," the minister advised.
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