Thu | Nov 30, 2023

IMF conducting first review under precautionary standby agreement

Published:Tuesday | February 21, 2017 | 12:32 PM

Prime Minister Andrew Holness met yesterday with the review team from the International Monetary Fund (IMF) which is in the island conducting the first review under the precautionary standby agreement with the fund.

The US$1.64 billion agreement was approved by the IMF Executive Board last year November, replacing the four-year special extended fund facility that was scheduled to end in March.

The team is being led by new IMF Executive Director for Canada, Ireland and the Caribbean, Nancy Horsman.

Holness said the parties discussed matters of critical importance in moving Jamaica forward on its path to sustainable economic growth.

He said the matters discussed ranged from managing public sector modernisation to pension reform.

Last month, Finance Minister, Audley Shaw, expressed optimism that Jamaica will pass the review noting that the country has met all it targets under the new programme.