In the 2025/26 fiscal year, Jamaica’s government will allocate $135 million to the SPIRO Project, aiming to enhance social protection systems and develop unemployment insurance through consultations with stakeholders while supported by an IBRD loan.
The Jamaican government will allocate $135 million to the Social Protection for Increased Resilience and Opportunity (SPIRO) Project for the 2025/26 fiscal year. This initiative is designed to enhance the country’s social protection measures and improve the delivery framework, particularly to better address economic shocks.
Consultations with essential stakeholders are planned to establish a framework for unemployment insurance and to evaluate the Labour Market Information System. The funding for this project is sourced from a loan obtained through the International Bank for Reconstruction and Development (IBRD).
The Jamaican government is committing significant resources to improve social protections through its SPIRO project, which will not only expand coverage but also enhance the responsiveness of the social support system. The consulting phase will be crucial for developing an unemployment insurance framework, signaling a proactive approach to workforce support during economic fluctuations.
Original Source: www.jamaicaobserver.com
