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Story Highlights

  • A team from the International Monetary Fund (IMF) is to arrive in the island tomorrow (July 20) to discuss an appropriate programme for Jamaica, after the current agreement ends next year.
  • The Finance Minister said the details of the discussions will be shared after the final arrangement is made.
  • There are three more quarterly reviews remaining of the 15 reviews under the four-year programme, with the last formal review to be undertaken in March 2017.

A team from the International Monetary Fund (IMF) is to arrive in the island on July 20 to discuss an appropriate programme for Jamaica, after the current agreement ends next year.

Minister of Finance and the Public Service, Hon. Audley Shaw, made the announcement during a statement to the House of Representatives on Tuesday, July 19.

“We are at this time discussing with the IMF a future form of engagement. The precise form of that engagement, we have not finalised it as yet,” Mr. Shaw said.

The Finance Minister said the details of the discussions will be shared after the final arrangement is made.

“We believe that it is good, it is tidy and it is transparent that we should continue to have a relationship with the IMF and we feel that it is good all around for Jamaica’s progress,” Mr. Shaw said.

In 2013, Jamaica signed a US$932.3-million four-year Extended Fund Facility (EFF) agreement with the IMF to support a comprehensive economic reform agenda for the country.

On June 17 this year, the IMF completed the combined 11th and 12th reviews under the programme. The completion of the reviews enabled the disbursement of approximately US$80 million, bringing the total disbursements under the arrangement so far to US$748 million.

There are three more quarterly reviews remaining of the 15 reviews under the four-year programme, with the last formal review to be undertaken in March 2017.