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Chung urges Gov’t to provide IMF update

Published:Tuesday | February 7, 2012 | 1:47 PM

Monique Grange, Gleaner Writer

Another financial analyst is urging the government to provide the country with a thorough update on the country’s relationship with the International Monetary Fund (IMF).

Yesterday, Anne Shirley said a comprehensive report should be made to Jamaicans on the country’s financial affairs.

Now, Dennis Chung said he also wants to hear more definitive plans about Jamaica’s current agreement with the Washington-based agency.

Meanwhile, he said he also wants a report from the Minister of Energy, Philip Paulwell on the policy plans for the sector.

Chung said a reduction in the country’s oil bill and food imports, will help in cutting the country’s trade deficit and boosting economic activity.

The government is expected to provide an update tomorrow on its recent Cabinet retreat, where it is understood that the economy was a central issue for discussion.

Yesterday, the Finance Ministry disclosed that international ratings agency Fitch has maintained Jamaica’s B- grade, on its likelihood to honour is local and foreign debts.

However, Fitch has raised concern about Jamaica’s high debt ratio and what it calls structural weakness, crime and the high cost of energy.