Jamaica Successfully Concludes 18-Month IMF Programme

Jamaica has successfully completed the 18-month International Monetary Fund (IMF) programme under the Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF).

Economic Programme Oversight Committee (EPOC) Chairman, Keith Duncan, said the IMF Executive Board concluded the third and final reviews on August 30.

“The PLL continues to be treated as precautionary and the completion of the reviews allow for an immediate disbursement of US$980 million under the PLL and US$258 million under the RSF, which was drawn on by the BOJ (Bank of Jamaica) on September 4, 2024,” Mr. Duncan explained.

He was addressing Friday’s (September 13) EPOC Quarterly Press Briefing, which was held virtually.

Mr. Duncan said that all structural benchmarks were achieved and the BOJ exceeded the indicative target for net international reserves.

“A target that was narrowly missed due to a smaller-than-expected surplus at March 31, 2024, had a negligible impact on the debt consolidation plan,” he noted.

Meanwhile, Mr. Duncan said the Fiscal Commission is to commence operation in the calendar year 2025.

The Commission, which will be the guardian and interpreter of Jamaica’s fiscal rules, will monitor compliance with these, report on outcomes and keep the public informed by providing independent analysis on fiscal policy developments.

In March 2023, Courtney Williams was sworn in as Jamaica’s first Fiscal Commissioner.