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BOJ Governor welcomes new IMF agreement

Published:Tuesday | November 15, 2016 | 11:10 AM
Speaking at the BOJ’s quarterly briefing yesterday Wynter said the new agreement, among other things, sends a positive signal to prospective investors.

Governor of the Bank of Jamaica (BOJ), Brian Wynter, says the securing of a standby agreement with the International Monetary Fund (IMF) is a positive step for the country’s economy.

On Friday, the IMF’s Executive Board gave its backing to a three-year US$1.64-billion agreement for Jamaica.

The new agreement replaced the previous Extended Fund Facility (EFF) and enables Jamaica to immediately access an initial $$411.9 million, if necessary.

Speaking at the BOJ’s quarterly briefing yesterday Wynter said the new agreement, among other things, sends a positive signal to prospective investors.

He noted that Jamaica has achieved economic fundamentals under the EFF, which he said has put the country on a good path for continued growth.