JIS News

Story Highlights

  • A team from the IMF is scheduled to visit Jamaica from February 5-14 to conduct a review.
  • The review will assess the performance of the quarter ending December 2013 and the outlook going forward.
  • The IMF Board completed the second review of Jamaica’s economic performance for the quarter ending September on December 18, 2013.

A team from the International Monetary Fund (IMF) is scheduled to visit Jamaica from February 5-14 to conduct a review of the country’s performance under the Extended Fund Facility (EFF).

This was disclosed by Minister of Finance and Planning, Hon. Dr. Peter Phillips on January 28, as he gave an update on the economy during the sitting of the House of Representatives.

Dr. Phillips said the review will assess the performance of the quarter ending December 2013 and the outlook going forward.

“Our assessment indicates that all quantitative targets and structural benchmarks for the December quarter have been met,” he told the House.

The IMF Board completed the second review of Jamaica’s economic performance for the quarter ending September on December 18, 2013.

The Board’s approval resulted in a drawdown of US$30 million (SDR 19.97 million) by Jamaica, bringing the total drawdown from the Fund to date to US$270 million.

The positive second review also facilitated access to loans from the World Bank and the Inter-American Development Bank of $270 million by way of budgetary support.

The Executive Board of the IMF approved the EFF arrangement for four years and a total of US$948.1 million (SDR 615.38 million), which is the equivalent of 225 per cent of Jamaica’s quota in the IMF.