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IMF tests will get harder to pass - Holness

Published:Thursday | June 11, 2015 | 8:53 AM

The opposition leader says Jamaica’s economic programme with the International Monetary Fund (IMF) is at risk of failing if the Government does not begin growing the economy soon.

Holness says he raised the issue of growth with some multilateral organisations such as the IMF, World Bank and Organization of American States, on his recent trip to Washington DC in the United States.

He says the Government cannot just focus on the fiscal side and expect to continue passing IMF tests.

And he says the multilaterals have agreed with him that the quarterly evaluations by the IMF will become increasingly harder to pass if the Jamaican economy does not start to grow.

 

Opposition Leader, Andrew Holness

The Executive Board of the IMF is expected this month to consider a recommendation from its staff that it approve Jamaica’s performance under the programme during the last quarter.

If the board gives Jamaica a passing grade the country will be able to draw down an additional $40 million from the Fund.