Jamaica: Request for an Arrangement Under the Precautionary Liquidity Line and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jamaica
IMF Staff Country Reports, March 7, 2023
Source details
- Canonical URL
- Jamaica: Request for an Arrangement Under the Precautionary Liquidity Line and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jamaica
Other formats
Bibliographic details
- Published: March 7, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400237034.002
Overview
- Publication date: March 7, 2023
- This paper highlights Jamaica’s Request for an Arrangement under the Precautionary Liquidity Line (PLL) and Request for an Arrangement under the Resilience and Sustainability Facility (RSF).
- Context: Jamaica has been buffeted by a difficult global environment—from coronavirus disease, the war in Ukraine, and the ongoing tightening of global financial conditions.
- The authorities plan to treat the PLL as precautionary.
IMF assessment and qualification for the PLL
- IMF assesses that Jamaica qualifies for the PLL.
- Performance: Jamaica is performing strongly in three out of five qualification areas and not substantially underperforming in other areas.
Objectives and intended uses of the PLL and RSF
- PLL:
- To provide a precautionary arrangement supporting macro-financial stability.
- To support efforts to strengthen physical and fiscal resilience to climate change, advance decarbonization of the economy, and manage associated transition risks.
- RSF:
- Expected to catalyze funding for Jamaica’s climate priorities from other official lenders and the private sector.
- Will support Jamaica’s agenda to:
- Accelerate the transition to renewable power generation.
- Increase resilience to climate change.
- Enhance the climate focus in fiscal policy frameworks.
- Strengthen management of climate risks by financial institutions.
Key substantive findings and policy focus
- The arrangement package (PLL + RSF) combines precautionary balance-of-payments support with targeted climate resilience and transition assistance.
- Emphasis on mobilizing additional financing (official and private) for climate-related investments and reforms.
- Integration of climate considerations into fiscal frameworks and financial sector risk management is a central element of the RSF support.
Subjects and keywords (as listed)
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Climate change, Crime, Environment, External position, International organization, Monetary policy, Natural disasters, Public debt
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Caribbean, Climate change, climate priority, Global, Natural disasters, risk financing Policy, RSF policy reform measure, staff appraisal, transition risk
Source: Jamaica: Request for an Arrangement Under the Precautionary Liquidity Line and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jamaica (IMF Staff Country Reports 2023, No. 2023/105), March 7, 2023.
Content in this bundle
- 1jamea2023002