IMF Staff Country Reports

Jamaica : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

Author/Editor:

International Monetary Fund. Western Hemisphere Dept.

Publication Date:

May 18, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The COVID-19 shock hit Jamaica only a few months after the successful completion of its precautionary Stand-By Arrangement with the Fund, which was underpinned by strong ownership and civil society oversight. Jamaica’s established track record of economic reforms has created buffers that are invaluable today in responding to the COVID-19 crisis. However, the domestic impact of the outbreak, increasing fiscal needs, falling remittances, and a sudden stop in tourism receipts are generating a sizable balance-of-payments need. The authorities are, therefore, requesting emergency financial support under the Rapid Financing Instrument (RFI) of 100 percent of quota (SDR 382.9 million or about US$520 million).

Series:

Country Report No. 2020/167

Subject:

Balance of payments Central Banks Economic conditions Financial institutions Financial systems Rapid Financing Instrument (RFI)