Minister of Finance and the Public Service Audley Shaw yesterday signed a US$30 million (J$2.13 billion) policy-based loan agreement with Luis Albert Moreno, president of the Inter-American Development Bank (IDB).

The loan is part of a proposed US$90-million programme to enhance competitiveness in Jamaica during the 2008/09 fiscal year.

During the year, the Government intends to sign two additional agreements with the IDB to complete the programme.

The loan is based on Government's commitment to effect reforms to transform education and improve fiscal management.

When the loan agreements are complete, the Government of Jamaica will have borrowed US$150 million (J$10.84 billion) as part of policy-based agreements from the IDB.