Country Program Evaluation: Jamaica (2003-2008)
This Country Program Evaluation (RE-365) covers the period 2003-2008, which was marked by the consequences of Jamaica's financial crisis which had erupted in 1995. During the crisis, the Bank remained the major multilateral partner engaged in the country. However, it underestimated the impact of the crisis, which left a legacy of debt overhang that continues to dominate and constrain the country's performance. Specifically, the Bank failed to recognize until quite late that the need to meet debt payments would require strong adjustment measures, undermining the public investment program. In light of Jamaica's continuing high level of public debt and economic vulnerabilities, the Country Program Evaluation makes a series of recommendations which are detailed in the paper.