IMF Approves US$39.3 Million

The Executive Board of the International Monetary Fund (IMF) have approved Jamaica’s performance under the Extended Fund Facility (EFF), enabling the country to make an immediate drawdown of SDR 28.32 million or approximately US$39.3 million.

Following the review, Deputy Managing Director and Acting Chair of the Board, Mr. Min Zhu, said the authorities continue to have an impressive track record of strong program implementation under the Extended Fund Facility.

He added that macroeconomic stability continues to strengthen, vulnerabilities have reduced substantially, and structural reforms have progressed well.

“Jamaica has made important achievements under the economic program. Inflation and the current account deficit have fallen significantly, supported by low oil prices. Business confidence continues to be strong and private credit growth is showing signs of recovery, while public debt is falling,” Mr. Zhu said.

He added that while, overall growth remains weak and unemployment, though declining, remains high, continued structural reforms should help boost investment and growth by sustainably reducing energy costs, improving financial access, and upgrading public infrastructure.

He also noted that a looser monetary stance, with a faster pace of monetary growth to create more room for private sector lending, will complement fiscal policy in supporting growth.