Post-hurricane Recovery Spending Poised to Boost Jamaica’s GDP By 20 Per Cent

• Expenditure channelled through the National Reconstruction and Resilience Authority (NaRRA) to support Jamaica’s recovery from Hurricane Melissa will mark the largest economic intervention in a generation, with the potential to increase gross domestic product (GDP) by more than 20 per cent.
• This was disclosed by Prime Minister, Dr. the Most Hon. Andrew Holness, while addressing the 41st annual awards banquet of the Jamaica Chamber of Commerce (JCC, held at The Jamaica Pegasus hotel in New Kingston on Thursday (June 11). Jamaica secured up to US$6.7 billion in international financing to drive national recovery and resilience, following Hurricane Melissa.
• The inflows will be channelled through NaRRA and are being provided by the International Monetary Fund (IMF), World Bank Group (WBG), Inter-American Development Bank (IDB), Development Bank of Latin America and the Caribbean (CAF), and the Caribbean Development Bank (CDB).
• NaRRA will serve as the central coordinating body for post‑hurricane recovery, eliminating bureaucracy, reducing fragmentation, and preventing project delays. It will also function as a hub of technical excellence for project preparation and delivery, ensuring that national plans meet the scale of Jamaica’s ambitions.
• The Prime Minister stressed that the existing bureaucracy is incapable of delivering the scale of transformation required for Jamaica’s recovery from Hurricane Melissa. Against this background, Dr. Holness underscored that the private sector’s role will be critical to the recovery process.
• The Prime Minister added that the sector is essential to building supply chains capable of responding effectively to future crises. He further noted that NaRRA is not solely about government expenditure and urged the private sector to actively utilise the platform.

(Source: JIS)