Sat | Jun 23, 2018

Tell the country the true IMF figure - Shaw

Published:Monday | November 19, 2012 | 12:00 AM

DESPITE DENIALS by the Government, Opposition Spokesman on Finance Audley Shaw has insisted that Jamaica will only get US$400 million from the International Monetary Fund (IMF) under the new deal now being negotiated.

This sum, according to Shaw, is the remaining portion of the US$1.2-billion loan agreement Jamaica negotiated with the IMF in 2010.

Last week, Finance Minister Dr Peter Phillips dismissed the claim, telling reporters he does not know where Shaw "got his figures".

But Shaw, who was speaking at the Jamaica Labour Party's (JLP) 69th annual conference yesterday, said because of the global economic crisis at the time, Jamaica was granted "a certain amount of special drawing rights" by the IMF.

"A special amount of US$1.2 billion was therefore made available. We (the previous administration) got $800 million already. Therefore is only $400 million left," he explained.

The former finance minister said having denied the US$400-million figure, Dr Phillips should tell the country what is the true figure.

"He has not told us what the true figure is. How can you deny one figure and yet you don't tell us what the true figure is if 'Man a Yard' a tell lie," he insisted.