IMF Staff Country Reports

Hurricane Melissa struck Jamaica shortly after the country successfully
completed its Precautionary and Liquidity Line and the Arrangement under the
Resilience and Sustainability Facility with the Fund. Jamaica’s strong track record of
economic reforms has created critical buffers that are proving invaluable in addressing
the economic fallout and reconstruction needs. Nevertheless, the widespread
devastation caused by the hurricane, rising fiscal pressures, and a sharp decline in
tourism receipts have generated a sizable balance-of-payments need in the short term.
The authorities are, therefore, requesting emergency financial support under the Rapid
Financing Instrument’s large natural disaster window of 80 percent of quota (SDR
306.32 million or about US$415 million).