IMF Approves US$67 Million for Jamaica

The Executive Board of the International Monetary Fund (IMF) today (December 19) approved disbursement of US$67 million for Jamaica.

The development follows a successful sixth review of the country’s economic performance under the four-year Extended Fund Facility (EFF).

The completion of the sixth review follows the November 5 to 11 visit to Jamaica by the IMF mission team, which said Jamaica’s programme with the IMF “remains on track and strong.”

In a release today, Deputy Managing Director and Acting Chair of the IMF Board, Naoyuki Shinohara, said the fiscal performance of the Jamaican economy is on track and all quantitative performance targets for the end of September were met.

“Macroeconomic performance under the programme continues to be good and growth is showing signs of picking up,” Mr. Shinohara added.

He noted that “wide-ranging actions” to boost growth and employment are critical for the success of the programme.

He said that the Jamaican Government, in preparing the 2015/16 Budget, has an opportunity to “strengthen the quality of fiscal adjustment including by advancing public sector reform.”

He said reforms to enhance the business climate should also be accelerated by “cutting red tape, reforming the energy sector and making the public sector more client-oriented.”

By Oroyo Eubanks