JMA welcomes new IMF deal plans
President of the Jamaica Manufacturers’ Association (JMA), Metry Seaga, says the group welcomes the decision of the government to enter into a precautionary standby agreement with the International Monetary Fund (IMF).
The Government yesterday announced that it had reached a staff-level agreement for a three-year deal during recently concluded talks with an IMF team that visited Jamaica.
The agreement, which would succeed the current special extended fund facility that expires next March, is to go before IMF’s Executive Board next month for consideration.
If approved, US$430 million would immediately be made available to Jamaica.
The total available amount under the 36-month Stand-By Arrangement would be about US1.7 billion.
The JMA president says the new IMF deal is a positive signal for Jamaica and its growth agenda.
Jamaica has passed all IMF performance reviews under the current deal.