International Monetary Fund
Jamaica, having met all the conditions of its current agreement with the International Monetary Fund, will receive a $29.79 million credit from the international finance agency, according to a Jamaican news agency.
The government has satisfied the performance criteria for the third quarter, which had been shifted to the end of January from December to allow time for an IMF mission to report its findings.
The credit is part of the IMF's planned annual allocation of Special Drawing Rights (SDR), the agency's international currency, to Jamaica. The country was permitted to draw 26.6 million SDRs, which is approximately $29.79 million.
The news agency also reported that a team of specialists from the IMF, the World Bank and the U.S. Agency for International Development visited the country for two weeks in January and February to review the economy. The team is expected to submit a report to the prime minister later this month. Asian Development Bank
The Asian Development Bank in Manila last week announced the creation of a private-sector division within its industry and development banks department.
The new division will serve as a focal point for all the bank's activities involving the private sector in its developing member countries, the bank said.
It will identify areas and opportunities for ADB assistance, prepare loan and equity proposals for the bank's consideration, help private entrepreneurs to mobilize funds from other interested investors and give advice to member governments, which may want to make private their public enterprises.
ADB President Masao Fujioka, in announcing the formation of the new division, said it was clear that the burden of developing national economies was too great to be carried out by governments alone and that private investment should be promoted.
Heading the new divison will be H. Leigh Durland, who worked with the Irving Trust Co. in New York.