The Government has inked a US$50 million (J$3.6 billion) loan agreement with the Inter-American Development Bank to modernise the country's road transportation system.

The deal was signed by Minister without portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby, during a recent visit to Washington.

During the visit, Wehby outlined a six-point fiscal and debt-sustainability programme for Jamaica.

Reverse the growth

Wehby said the plan was needed urgently to reverse the growth of Jamaica's debt, which is inching closer to J$1 trillion.

According to Wehby, as part of the plan, special emphasis will be placed on enhancing financial management by prioritising investments and implementing performance-based budgeting.

Fiscal and debt-sustainability plan

1 Controlling public-sector balances and debt.

2 Rationalising public bodies.

3 Managing the public sector wage bill.

4 Improving central government financial management and budget processes.

5 Increasing revenue collection.

6 Increasing growth and competitiveness.