[{"bbox": [96, 152, 1134, 577], "category": "Text", "text": "by transferring knowledge, thereby boosting productivity¹⁵. It could also facilitate increasing their client base, outreach effectiveness and processes. MSMEs are estimated to account for 60 percent of employment in the Jamaican economy – contributing significantly to GDP, wealth creation, poverty alleviation and social stability. The MSME sector is therefore important to the country’s drive to induce sustainable and broadbased economic growth. However, despite their significance, MSMEs face many challenges that hinder their growth and development. These include low technology adoption, lack of an enabling business environment, limitation in accessing finance, skills and networks, inadequate business and development support services, and a poor culture of entrepreneurship and innovation¹⁶. An important dimension of MSMEs challenge in accessing finance pertains to limited or no access to digital financial services (financial technology [or fintech]). Fintech could cut costs and facilitate access to credit and payment systems for MSMEs. An ecosystem to incentivize the use of digital financial services, with broad reach, is necessary to accelerate financial inclusion of MSMEs. This needs to be complemented by a range of demand side measures such as e-governance initiatives, revision of laws and regulations in support of the digital economy, and strengthening of digital literacy and skills¹⁷. A recent assessment conducted by the private sector summarized several adverse impact of COVID-19 on Jamaica’s MSME sector: (a) reduction of contribution to GDP of 9 percent; (b) reduction in MSME output of 19. percent; (c) reduction in MSME employment by 101,528; and (d) reduction in MSME firms by 132,163¹⁸."}, {"bbox": [96, 578, 1134, 817], "category": "Text", "text": "The Ministry of Industry Investment & Commerce (MIIC), its agency the Jamaica Business Development Cooperation and its Small Business Development Centre Network, and MSMEs are the main stakeholders in the **Digital Transitioning Support for MSMEs Component. Digital Jamaica** will support plans outlined in MIIC's 2022/23 – 2025/26 Strategic Business Plan, to identify and engage a specified number of MSMEs, to participate in targeted activities aimed at supporting their digital transitioning. Digital Jamaica will first build the capacity of the staff of JDBC and SBDCs, as well as interns to deliver the digital transitioning services to MSMEs. The identification and support to MSMEs will take place thereafter, using a continuum approach: supporting digitization, digitalization and digital transformation, based on the needs of the particular MSME; as well as a phased approach along the continuum, as MSMEs mature."}, {"bbox": [85, 856, 513, 884], "category": "Section-header", "text": "## 2.3 Additional Areas of Assessment"}, {"bbox": [85, 902, 286, 930], "category": "Section-header", "text": "### 2.3.1 Public Policy"}, {"bbox": [96, 989, 1164, 1387], "category": "Text", "text": "Activities implementing Jamaica's Digital Agenda are anchored in \"*the Government of Jamaica ICT Policy*¹⁹\" with its stated Mission \"*to achieve greater social & economic development, through increased application of ICT in all sectors*\". Given that ICT is both a sector in and of itself, as well as an enabler of all other sectors, at the technical level, activities implementing Jamaica's ICT Policy – and by extension – Jamaica's Digital Agenda - are reflected in Cabinet-approved, budgeted strategic business plans of several Ministries, Departments and Agencies (MDAs). On this basis, the documents assessed for the Policy, for the purpose of this budget support programme, include the 2021/22 to 2024/25 strategic business plans of the Ministry of Science, Energy & Technology (MSET), the Ministry of Education and Youth (MoEY) and the Ministry of Industry Investment & Commerce (MIIC). The Programmes outlined in the afore-mentioned strategic business plans feed directly into the government's medium term strategic priorities of \"*Inclusive Sustainable Economic Growth and Job Creation*\" and \"*Human Capital Development*\". These are in turn, aligned to the SDGs, fiscal cycles and the Government's Medium Term Results-Based Budgeting (MTRBB) Framework. The strategic business plans include monitoring and evaluation (M&E) Plans. The strategic business plans include accountability statements signed by the responsible Permanent Secretary, in accordance with the policy directives outlined by the Government of Jamaica and the delegated authority, under Section 16 of the Financial Administration and Audit (FAA) Act²⁰."}, {"bbox": [85, 1451, 927, 1501], "category": "Footnote", "text": "15 https://www.ifc.org/wps/wcm/connect/8a4f6312-2423-4514-ae78-a5109a7a0012/CPSD-Jamaica-Summary.pdf?MOD=AJPERES&CVID=02kCLHE"}, {"bbox": [85, 1501, 538, 1524], "category": "Footnote", "text": "16 The Ministry of Industry Investment & Commerce"}, {"bbox": [85, 1524, 927, 1573], "category": "Footnote", "text": "17 https://www.ifc.org/wps/wcm/connect/8a4f6312-2423-4514-ae78-a5109a7a0012/CPSD-Jamaica-Summary.pdf?MOD=AJPERES&CVID=02kCLHE"}, {"bbox": [85, 1573, 538, 1597], "category": "Footnote", "text": "18 The Ministry of Industry Investment & Commerce"}, {"bbox": [85, 1597, 1123, 1621], "category": "Footnote", "text": "19 https://www.japarliament.gov.jm/attachments/596_Information%20and%20Communications%20Technology%20(ICT)%20Policy.pdf"}, {"bbox": [85, 1621, 636, 1645], "category": "Footnote", "text": "20 https://moj.gov.jm/laws/financial-administration-and-audit-act"}, {"bbox": [1027, 1680, 1143, 1705], "category": "Page-footer", "text": "Page 10 of 42"}]