JIS News

Minister of Finance and the Public Service, Honourable Audley Shaw, has announced that the Letter of Intent to access a US$1.2 billion loan from the International Monetary Fund (IMF), will be ready today (January 6).
Jamaica is seeking the standby loan facility from the IMF, due to severe erosion of its foreign exchange earnings, especially in terms of bauxite/alumina exports and remittances from Jamaicans overseas.
Mr. Shaw told members of the media attending the weekly press briefing at Jamaica House in Kingston today that the Cabinet would have final discussions regarding the document during its retreat this weekend.
“The essential Letter of Intent, as I said, is ready. It will be submitted to Cabinet this weekend for the complete deliberation of all members of Cabinet looking at every aspect of this very detailed and comprehensive document, which basically sets out the parameters of the medium-term programme, the economic framework going forward over the next four to five years,” he explained.
Mr. Shaw said the matter will come before the January 19 sitting of the House of Representatives, at which time the country will learn the details of the medium-term economic programme.
He also noted that with the completion of the Letter of Intent, a decision by the IMF Board could be just weeks away.
“Once a Letter of Intent is finalised, it means that the middle management authorities at the IMF have basically agreed with the main elements of it, and so what happens afterward is that it has to go to a high level management review and then to the Board,” Mr. Shaw said.

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