Jamaica on Track for Additional US $233-Million Drawdown From IMF

Jamaica is on course for an additional drawdown of approximately US$233 million (SDR160.8 million) under the International Monetary Fund’s (IMF) three-year Precautionary Stand-By Arrangement (PSBA), if needed.

This, as the country has met all quantitative fiscal and monetary performance criteria and structural benchmarks under the third PSBA review for the period ending December 2017.

The sum will become available, subject to the IMF Executive Board’s approval of the review, at its meeting scheduled for April.

Head of the IMF Mission Team to Jamaica, which conducted the review from February 26 to March 9, Dr. Uma Ramakrishnan, indicated that the provision will increase the amount of funding support available to the country to just over US$1 billion.

She was speaking at Friday’s (March 9) joint Government of Jamaica (GOJ)/IMF press conference at the Office of the Prime Minister.

Finance and the Public Service Minister, Hon. Audley Shaw, who also spoke at the press conference, said the consensus between the Government and the IMF Mission is that Jamaica’s policy implementation under the Economic Reform Programme “has been consistently strong”.

He said significant progress has also been made towards attaining the benchmarks beyond March 2018.

The Minister emphasised that Jamaica’s stable macroeconomic environment continues to be underpinned by the Administration’s strong fiscal performance in alignment with the fiscal rules.

“The priorities of the Government continue to be focused on increasing domestic growth, boosting job creation, bolstering economic resilience and improving living standards for all our citizens.

Decisive actions will also continue to be taken to tackle the prevalence of crime,” he added.

Mr. Shaw told journalists that the IMF mission team widened its review to include areas such as gender equality, crime and violence, climate change and strengthening agricultural resilience, poverty and youth development.

Both sides also had Article IV consultation, during which Dr. Ramakrishnan said “we took stock of where Jamaica stands and what medium- to long-term reforms are needed to boost and sustain growth”.