Economic Support Funds for Jamaica White House Statement on the U.S.-Jamaican Loan Agreement.

Representatives of the United States and the Government of Jamaica today signed a loan agreement in Kingston, Jamaica, providing a total of $40 million in economic support funds to that country. The loan, which will bring U.S. assistance to Jamaica in FY 1981 to over $60 million, will be used to support the economic recovery program on the island.

The loan agreement reflects both U.S. support for the strength and vitality of the democratic process evidenced in Jamaica and elsewhere in the Caribbean over the last year and U.S. awareness of the critical economic problems facing the Caribbean countries and Jamaica in particular. The Carter administration understands the close connection between meeting the basic human needs of a people and preserving a nation's democratic institutions. We have expressed our willingness to join others in continuing to support efforts to put these countries on a sound economic footing.

Jamaican Prime Minister Edward Seaga has made clear his intentions to rebuild his country's economy, with particular emphasis on revitalizing the Jamaican private sector, and we have repeatedly expressed American support of these efforts. We have been encouraged by the efforts of his government to establish a sound economic program and the negotiations which have been held with the International Monetary Fund toward that end.