The Minister of Finance has confirmed that he has initiated steps to restart discussions with the International Monetary Fund (IMF).
A delegation from the Fund will visit Jamaica starting January 17, and will meet with the Minister and his team, to discuss the current status of the economy and the prospects for the medium term, according to a release from the Ministry of Finance, Planning and the Public Service on Tuesday (January 10).
The exploratory meetings with the Fund’s staff will also include discussions on the Government’s priorities, and will aim at identifying the work plan and modalities of a continued formal relationship with the Fund.
In this connection, the Minister said, the Government’s policy preference is for an arrangement that provides sufficient time to nurture a sustainable acceleration of growth, while completing fiscal and other economic reforms.
The IMF approved a US$1.27 billion standby lending facility for Jamaica in February 2010. The agreement also paved the way for $1.1 billion in additional credit from other multilateral institutions. The standby agreement expires in May.