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Jamaica now awaiting IMF board approval of latest performance review

Published:Friday | August 19, 2016 | 8:46 PM
Finance Minister Audley Shaw (left) speaks at a press conference on the International Monetary Fund's (IMF's) 13th extended fund facility review. Looking on are Dr Uma Ramakrishnan (centre) IMF mission chief and Dr Constant Lonkeng Ngouana, IMF representative for Jamaica.

Jamaica is set to make another US$40 million draw down from International Monetary Fund (IMF) after meeting all quantitative performance targets and associated structural benchmarks for the June quarter.

IMF Mission Chief, Uma Ramakrishnan, says tax revenues also exceeded expectations and structural reforms are well in train.

According to Ramakrishnan, the IMF Board is now scheduled to consider Jamaica’s 13th performance review under the extended fund facility next month.

Once approved, Jamaica will be able to make the US$40 million draw down.

The IMF mission chief, speaking at a press conference this morning, said that economic growth in Jamaica is gradually recovering but noted that the implementation of the government’s growth strategy is essential to support job creation and poverty alleviation.

 

IMF Mission Chief Ms. Uma Ramakrishnan

Meanwhile, Finance Minister Audley Shaw says the government remains committed to the reform agenda and is escalating efforts aimed at boosting growth and job creation.

Shaw says the government is also committed to strengthening the social protection framework, while maintaining a prudent fiscal posture.

 

Finance Minister Audley Shaw

He says progress has been made on strategic investments aimed at establishing Jamaica as a logistics hub as well as efforts to improve the business climate.