IMF Statement on JamaicaPress Release No. 13/107
April 8, 2013
“Since the conclusion of a staff-level agreement with the Jamaican authorities in February on an economic program that can be supported by the Fund, the authorities have submitted documentation to the IMF to confirm that all prior actions have been met. In addition, the Fund has engaged with the authorities and its development partners on the financing for the program, including through important contributions from the Inter-American Development Bank and the World Bank.
“The Fund welcomes the progress that has been made in the implementation of the program thus far including the authorities’ efforts to complete the prior actions and structural benchmarks, and on the assembling of a financing package. On the basis of this progress, Fund management will submit to its Executive Board a 48-month arrangement under the Extended Fund Facility (EFF) in the amount of SDR 615 million (about $958 million, or 225 percent of quota), with the recommendation that it be approved. It is expected that the Board meeting would take place by the end of April.
“The success of this program crucially depends on full and timely policy implementation by Jamaica of a coordinated set of reforms, to strengthen the public finances, restore debt sustainability, enhance growth, and bolster the resilience of the financial sector. Recognizing the sacrifice involved for the Jamaican people, the strategy also aims to minimize the impact on the poorest and most vulnerable.”