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Finance Minister Dr Nigel Clarke said Jamaica had not suffered losses and would therefore avail itself of some emergency financing measures.
In a statement to the media, Dr. Clark said no funds would be drawn from catastrophe bonds to finance recovery efforts from Cyclone Beryl.
The World Bank provided $150 million in funding for the loan.
“(It) essentially provides financial protection for a Category 5 or Category 4 hurricane making landfall in Jamaica. If Hurricane Beryl makes landfall in Jamaica, or Hurricane Beryl maintains the intensity (measured in concentrated air pressure) that was observed on Tuesday, it will certainly trigger the catastrophe bond,” he explained.
Dr Clark said the International Monetary Fund’s precautionary liquidity line was also unlikely to be utilised.
This service provides protection of up to 140 billion Jamaican dollars.
“PLL is for countries with strong fundamentals and can be used if liquidity problems arise. While it is too early to rule anything out, we do not foresee that Hurricane Beryl has or will cause liquidity problems for the Government of Jamaica,” the Minister advised.
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