IMF Board Approves US$68.8 Million Disbursement to Jamaica

The Executive Board of the International Monetary Fund (IMF) on Wednesday, September 24, completed the fifth review of Jamaica’s economic performance under the Extended Fund Facility (EFF).

This follows the successful staff review by the IMF team that visited Jamaica from August 12 to 22.

This review now enables an immediate disbursement of US$68.8 million (SDR 45.95 million) to the Government of Jamaica.

Speaking at a press briefing on August 22, Finance and Planning Minister, Dr. the Hon. Peter Phillips, said he expected funding approval given the country’s strong performance to date and continued commitment to implementation of the reform programme.

Meanwhile, in its review, the IMF noted that the country’s performance remains strong under the economic reform programme and all monetary targets for the end of June 2014 were met.

The IMF said the economic reform programme is now showing gains, evident in the recent regained market access, strengthening of Jamaica’s external position, and gains in competitiveness ratings.

It also stated that comprehensive and timely implementation of the Government’s economic strategy, with support from the international community, should foster recovery, job creation and declining poverty.

The IMF noted that a swift removal of regulatory and financial impediments to investment would provide a much needed boost to growth and job creation, while keeping Jamaica’s public debt on a sustainable path, is critical for growth over the medium term.

Dr. Phillips has said the Government will continue to focus its energies on strengthening the economy.

“The Government of Jamaica is committed to continuing the extensive programme of reforms of tax and public sector financial management, public sector modernization, labour market reforms, all of which are important elements of the programme, going forward,” he said.