Wed | Oct 7, 2015

Portia mum on IMF 'plan B'

Published:Monday | January 14, 2013

Prime Minister Portia Simpson Miller has stayed away from saying whether there is a plan B should the current deal being sought with the International Monetary Fund (IMF) fail to materalize.

The country is hoping for a new programme with the multilateral lending agency.

The deal could unlock budgetary support from development partners as well as financing from the international capital markets, which is currently unavailable to Jamaica.

Speaking at a press conference today, Simpson-Miller said the Cabinet has signed off on elements of fiscal consolidation which were arrived at by Jamaica's negotiating team and the IMF.

She, however, shied away from saying whether Jamaica has other options if the IMF closes its door to the country.

But the Prime Minister stressed that it should not be said that Jamaica now has a plan B to the IMF.

Meanwhile, Minister of Finance Dr Peter Phillips disclosed that the country is not yet at the stage where a draft letter of intent has been prepared.

But Dr. Phillips said the Cabinet unanimously signed off on measures required to advance the negotiations with the IMF toward a satisfactory conclusion.

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