Jamaica is scheduled to make a payment of US$12.19 million, about J$1.25 billion, to the International Monetary Fund (IMF) tomorrow, as it continues to pay down the debt under the February 2010 Stand-by Agreement (SBA).
The date, indicated in the IMF's projected payments schedule as at August 31, comes ahead of the executive board's discussions on the first quarterly review for Jamaica under the current four-year extended fund facility. The meeting is tentatively set for Monday, September 30.
The repayments are denominated in Special Drawing Rights (SDRs), and according to the IMF's schedule, Jamaica is projected to repay SDR7,962,500 this month.
The 2010 SBA agreement saw Jamaica drawing down SDR541.8 million, according to IMF data on Jamaica's financial position in the Fund, but that is now worth about US$830.11 million or about J$84.8 billion.