Jamaica is set to receive some US$200 million more in financial assistance under the International Monetary Fund (IMF) agreement, than initially anticipated.
A statement by the lending agency on Monday, April 8, noted Jamaica’s progress in the implementation of the economic programme thus far, and the Government’s efforts to complete the prior actions and structural benchmarks.
“On the basis of this progress, Fund management will submit to its Executive Board a 48-month arrangement under the Extended Fund Facility (EFF) in the amount of SDR 615 million (about $958 million, or 225 per cent of quota), with the recommendation that it be approved,” the statement said.
This is more than the US$750 million that was previously agreed under the Staff Level Agreement in February.
“Since the conclusion of a staff-level agreement with the Jamaican authorities in February on an economic programme that can be supported by the Fund, the authorities have submitted documentation to the IMF to confirm that all prior actions have been met. In addition, the Fund has engaged with the authorities and its development partners on the financing for the programme, including through important contributions from the Inter-American Development Bank and the World Bank,” the IMF statement said.
It is expected that the IMF Board meeting will take place by the end of April, wherein the deal will be approved.
By Andrea Braham, JIS Reporter