Minister of Finance and Planning, Dr. Peter Phillips, and his team briefed the Cabinet on the meetings with the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB) and players in the private financial markets.
He told Cabinet that the meetings were sober but positive. There was a general understanding of the extremely difficult economic condition that Jamaica faces.
The IMF has expressed a willingness to work with the new Administration to help overcome the current challenges.
The Minister underscored that priority will be placed on accelerating the pace of growth of the Jamaican economy and restated the country’s commitment to fiscal consolidation, improvements in the primary balance, the overall fiscal deficit and the debt to GDP ratio as well as certain structural reforms.
The Minister will update the nation in a statement to Parliament next week.