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Finance Minister: Life would be worse failing IMF tests

Published:Saturday | September 27, 2014 | 9:54 AM
Finance Minister Dr Peter Phillips. - File

Finance Minister, Dr Peter Phillips, has hit back at critics saying life would be tremendously worse if Jamaica was not passing current International Monetary Fund (IMF) tests.



Speaking in an interview with the Government-run JIS News, Phillips said that passing the IMF tests creates stability in the Jamaican economy.



He argues that passing the tests means that Jamaica is meeting its targets in instituting key economic reforms, enabling the country to drawdown on funds to promote growth and employment.



He says before Jamaica successfully negotiated the Extended Fund Facility with the IMF financing from external entities and investments were low.



Jamaica has so far successfully passed all five IMF tests under the four-year facility with the multilateral agency as part of its Economic Reform Programme.



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