{
  "title": "Press Release: IMF Mission and Jamaican Authorities Reach Staff-Level Agreement on Key Elements for EFF-Supported Program",
  "publication": "IMF News, February 15, 2013",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1351",
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  "summary": "The mission reached a staff-level agreement with the Jamaican authorities on key elements of an economic program to be supported by a 48-month arrangement under the Extended Fund Facility (EFF).",
  "publishDate": "2013-02-15",
  "sections": [
    {
      "heading": "Overview of the staff-level agreement",
      "content": "- The mission reached a staff-level agreement with the Jamaican authorities on key elements of an economic program to be supported by a 48-month arrangement under the Extended Fund Facility (EFF).\n- Arrangement amount: SDR479 million (about US$750 million or 175 percent of quota).\n- The understandings are reflected in the authorities’ economic program as stated in the Letter of Intent to be reviewed by IMF Management and finalized before approval.\n- IMF staff envisages that the IMF’s Executive Board would consider the proposed arrangement under the EFF by the end of March, subject to:\n  - the timely completion of prior actions to be taken by the Jamaican government; and\n  - obtaining necessary financing assurances."
    },
    {
      "heading": "Financing, debt exchange, and participation requirements",
      "content": "- The authorities have announced a debt exchange intended to reduce Jamaica’s medium-term financing needs and contribute to debt sustainability.\n- Success of the program depends critically on a high rate of participation of private creditors in the debt exchange.\n- Continued support is expected from international financial institutions and other official creditors; securing financing assurances is necessary for a Fund-supported program."
    },
    {
      "heading": "Economic challenges identified",
      "content": "- Over the last three decades, Jamaica has experienced:\n  - very low economic growth;\n  - declining productivity; and\n  - reduced international competitiveness.\n- A core factor: Jamaica’s unsustainable debt burden, which has:\n  - undermined confidence; and\n  - elevated risks to economic stability.\n- High debt service has limited the government’s ability to provide services needed for sustained growth and improved welfare."
    },
    {
      "heading": "Main objectives of the economic reform program",
      "content": "- Contain rising economic and external vulnerabilities and address economic imbalances.\n- Put Jamaica on a path of sustainable growth.\n- Promote macroeconomic and financial stability, including achieving and sustaining higher primary fiscal surpluses to underpin debt sustainability.\n- Pave the way for private-sector-led growth through a comprehensive set of structural reforms.\n- Promote social stability through enhanced social protection for the most vulnerable."
    },
    {
      "heading": "Policy measures and structural reforms envisaged",
      "content": "- Strengthen public finances through:\n  - comprehensive tax reform;\n  - expenditure rationalization; and\n  - improved public debt management and public financial management.\n- Enhance resilience of the financial sector by strengthening:\n  - supervisory frameworks;\n  - regulatory frameworks; and\n  - crisis management frameworks.\n- Improve growth-generating efficiency by:\n  - enhancing the business environment;\n  - increasing competitiveness; and\n  - strengthening institutional capacity and governance (including through a broad legislative agenda)."
    },
    {
      "heading": "Social protection measures",
      "content": "- Protect the most vulnerable and promote economic self-reliance through:\n  - establishment of a floor on social spending;\n  - maintaining the real value of PATH (Program of Advancement through Health and Education) benefits;\n  - expanding re-certification; and\n  - expanding the Steps-to-Work program."
    },
    {
      "heading": "Key statistics and timeline",
      "content": "- EFF arrangement duration: 48-month arrangement.\n- Proposed EFF amount: SDR479 million (about US$750 million or 175 percent of quota).\n- Jamaica’s IMF quota: SDR273.5 million (about US$434 million).\n- Timeline for IMF Executive Board consideration: by the end of March (subject to prior actions and financing assurances).\n- Jamaica’s IMF membership date: February 21, 1963.\n\nPress Release No. 13/51 — February 15, 2013\n\n---\n\n\n References\n\n- Jamaica and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1351"
    }
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    "Published: February 15, 2013",
    "The mission reached a staff-level agreement with the Jamaican authorities on key elements of an economic program to be supported by a 48-month arrangement under the Extended Fund Facility (EFF).",
    "Arrangement amount: SDR479 million (about US$750 million or 175 percent of quota).",
    "The understandings are reflected in the authorities’ economic program as stated in the Letter of Intent to be reviewed by IMF Management and finalized before approval.",
    "IMF staff envisages that the IMF’s Executive Board would consider the proposed arrangement under the EFF by the end of March, subject to:",
    "The authorities have announced a debt exchange intended to reduce Jamaica’s medium-term financing needs and contribute to debt sustainability.",
    "Success of the program depends critically on a high rate of participation of private creditors in the debt exchange.",
    "Continued support is expected from international financial institutions and other official creditors; securing financing assurances is necessary for a Fund-supported program.",
    "Over the last three decades, Jamaica has experienced:",
    "A core factor: Jamaica’s unsustainable debt burden, which has:",
    "High debt service has limited the government’s ability to provide services needed for sustained growth and improved welfare.",
    "Contain rising economic and external vulnerabilities and address economic imbalances.",
    "Put Jamaica on a path of sustainable growth.",
    "Promote macroeconomic and financial stability, including achieving and sustaining higher primary fiscal surpluses to underpin debt sustainability.",
    "Pave the way for private-sector-led growth through a comprehensive set of structural reforms.",
    "Promote social stability through enhanced social protection for the most vulnerable.",
    "Strengthen public finances through:",
    "Enhance resilience of the financial sector by strengthening:",
    "Improve growth-generating efficiency by:",
    "Protect the most vulnerable and promote economic self-reliance through:",
    "EFF arrangement duration: 48-month arrangement.",
    "Proposed EFF amount: SDR479 million (about US$750 million or 175 percent of quota).",
    "Jamaica’s IMF quota: SDR273.5 million (about US$434 million).",
    "Timeline for IMF Executive Board consideration: by the end of March (subject to prior actions and financing assurances).",
    "Jamaica’s IMF membership date: February 21, 1963.",
    "[Jamaica and the IMF](http://www.imf.org/external/country/JAM/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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