The Inter American Development Bank (IDB) has loaned Jamaica another US$100 million to support reforms of the financial system.
The reforms are aimed at improving regulation and supervision in the banking, securities, pension funds and insurance sectors.
Therese Turner Jones, General Manager at the IDB Country office, said with the threats in the global financial markets, particularly as it pertains to the loss of correspondent banking relationships, it was urgent to implement reforms to make Jamaica’s financial system more resilient.
The programme also supports the development of a framework that will regulate the operations, registration, lending practices and interest rates of micro financial institutions.
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