Jamaica Receives GDP5 Million Debt Relief From The UK

Thu, 09 Apr 2009

The UK is to help ease Jamaica’s high debt burden by writing-off £5 million of debt owed by the Jamaican Government.

The British High Commission in Kingston said that the money saved by the write-off will allow the Government in Jamaica to improve the country’s public services such as education, security and justice.

In a statement, the High Commission said: "Between 1998 and 2009, the UK has written off over £58 million of Jamaican debt, while giving £2.5 million additionally in aid every year to help Jamaica's poor."

UK Minister for International Development, Mike Foster said Jamaica’s struggle with its high debt burden is "constraining its ability to achieve economic growth".

"Our decision to cancel a further £5 million of Jamaica's debt will allow the Government to use the money to improve public services," he commented.

"The UK enjoys a close relationship with Jamaica and we remain committed to helping the poorest people in Jamaica through this initiative."

Britain’s debt relief for Jamaica is carried out through the Commonwealth Debt Initiative (CDI), which is part of the UK's commitment to ensure more funds are provided to help meet the UN's internationally agreed anti-poverty target - known as the Millennium Development Goals - by 2015.
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