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IMF approves Ja's seventh review, urges reform acceleration

Published:Monday | March 30, 2015 | 5:13 PM

The International Monetary Fund (IMF) is urging Jamaica to step up the pace of reforms.

According to the IMF, this is essential for boosting growth and employment.

IMF deputy managing director and acting chair, Mitsuhiro Furusawa, says bold efforts are needed to reform the energy sector, improve the business climate, and advance investment in critical infrastructure.

He made the comments as the IMF Executive Board gave Jamaica's Economic Reform Programme yet another stamp of approval.

The Board today completed its seventh review of the country’s performance under the Extended Fund Facility (EFF).

The positive review enables the draw down of an additional $39 million from the fund.

The IMF board says the government’s commitment to the Extended Fund Facility remains strong.

According to the IMF deputy managing director, macroeconomic performance continues to be good and economic confidence has reached a two-year peak.

He says the decline in oil prices should help lower inflation expectations and boost demand.