Jamaica: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
IMF Staff Country Reports, May 18, 2020
Source details
- Canonical URL
- Jamaica: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
Other formats
Bibliographic details
- Published: May 18, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513544441.002
Overview
- Paper discusses Jamaica’s Request for Purchase Under the Rapid Financing Instrument (RFI).
- The Jamaican authorities have proactively responded to the coronavirus disease 2019 (COVID-19) pandemic.
- The pandemic is severely impacting the Jamaican economy: a sudden stop in tourism and falling remittances are generating a sizable balance-of-payments need.
- The economic outlook is subject to an unusually high degree of uncertainty.
- Disbursement under the RFI will strengthen reserves and help catalyze additional support from other international financial institutions and development partners.
Economic impact and risks
- Sudden stop in tourism (no numeric breakdown provided in the source).
- Falling remittances (no numeric breakdown provided in the source).
- Resulting sizable balance-of-payments need (described qualitatively).
IMF assessment of policies and RFI role
- The authorities’ policy response to the COVID-19 crisis is assessed as appropriate.
- Timely adoption of targeted measures to support jobs and provide resources to vulnerable segments of the population is noted.
- The RFI disbursement is intended to:
- Strengthen reserves.
- Help catalyze additional support from other international financial institutions and development partners.
Policy recommendations and medium-term agenda
- Once the crisis abates, authorities should:
- Continue implementation of their ambitious reform agenda.
- Build on their demonstrated commitment to reform and stability-oriented measures to support the economic recovery and ensure strong and sustainable economic growth.
Subject areas and keywords (as listed)
- Subjects: Central banks, COVID-19, Credit, Health, Money, Open market operations, PFM legal and regulatory frameworks, Public debt, Public financial management (PFM)
- Keywords: balance of payments risk, BOJ securities, COVID-19, CR, Credit, debt reduction effort, Executive Board discussion, Global, government of Jamaica, ISCR, Jamaica's request, Open market operations, PFM legal and regulatory frameworks, request
International Monetary Fund. "Jamaica: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Jamaica", May 18, 2020.
Content in this bundle
- 1jamea2020001 - Executive Summary