IMF Release: Jamaica Has Passed The First Test

The International Monetary Fund today confirmed that Jamaica has passed its first quarterly test and qualifies for an additional disbursement.

The Executive Board of the International Monetary Fund (IMF) today completed the first review of Jamaica’s performance under an economic program supported by a four-year, SDR 615.38 million (about US$944 million, the equivalent of 225 percent of Jamaica’s quota in the IMF) Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of SDR 19.97 million (about US$30.6 million), which would bring total disbursements under the arrangement to SDR 156.72 million (about US$240.4 million).

Strong Implementation

The Fund also hails the strong implementation by the Jamaican government despite weak economic performance, but still remains optimistic.

“Overall program implementation under the Extended Fund Facility (EFF) has been strong, despite the weak economic environment. The authorities’ continued commitment to the program objectives of strengthening Jamaica’s fiscal position and creating the conditions for sustained economic growth will be critical to a revival of investor confidence and domestic demand in the period ahead.