Jamaica

Jamaica Set To Access Multi-Million Dollar IMF Funds

According to press reports, Jamaica is set to gain access to about $255 million under the IMF’s Resilience and Sustainability Facility (RSF).

After the second review of the Precautionary and Liquidity Line (PLL) and the RSF for which the country was approved last year, a staff-level agreement was reached with the Jamaican authorities.

The International Monetary Fund completed its Article IV review for 2024 on Thursday.

The agreement is subject to approval by the IMF Executive Board, expected to consider the reviews in February 2024.

The completion of the review will make the funds available.

A team led by Esteban Vesperoni held meetings in Kingston and carried out a virtual mission with the Jamaican authorities from January 8 to 18.

In commending Jamaica on its achievements, he said “Over the last years, the country has successfully reduced public debt, anchored inflation, and strengthened its external position”.

The IMF says Jamaica has made good progress in implementing its policy agenda under the Precautionary and Liquidity Line and the Resilience and Sustainability Facility.

Both facilities were approved by the Executive Board in March 2023, with a combined access of about US$1.732 billion. 

Finance Minister Dr. Nigel Clarke said the latest review gives credibility to the current economic policies. 

“The IMF staff press release confirms that Jamaica’s economy is on firm footing and our economic program is achieving its targets and objectives. Jamaica has the lowest unemployment rate in our history.

Clarke said further, “We have experienced 10 consecutive quarters of economic growth, the second longest stretch of quarterly economic growth since we started measuring growth in 1997. Our debt is at a 25-year low, for the first time in 30 years, we have recorded a current account surplus and the foreign exchange reserves in our central bank are at an all-time high,” he boasted.” 

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Readers Bureau, Contributor

 Edited by Jesus Chan

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