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IMF team in Jamaica for first review under SBA

Published:Tuesday | February 21, 2017 | 5:00 PM
Bank of Jamaica Governor, Brian Wynter.

A team from the International Monetary Fund (IMF) is now is Jamaica to undertake the first review under the precautionary standby agreement signed with the government in November last year.

Bank of Jamaica (BOJ) Governor Brian Wynter said their assessments indicate that all the quantitative performance criteria and structural benchmarks for the review period have been met.

This includes the target for non-borrowed reserves as well as inflation which was 1.7 per cent for 2016, within the IMF’s target range of one to nine per cent.

Wynter said that on successful completion of the review by the IMF’s executive board an additional amount of approximately US$170 million will be added to the sum available for the BOJ to drawdown as and when needed.