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Jamaica wants change to dates for receiving loan funds

Published:Wednesday | March 26, 2014 | 12:00 AM

Arguing that it is confident that the policies described in the Memorandum of Economic and Financial Programme are adequate to achieve the objectives under the four-year extended fund facility with the International Monetary Fund (IMF), the Government has written to the Fund's managing director asking for a modification of dates for the purchase of special drawing rights (SDR) under the programme.

In a letter to Christine Lagarde, managing director of the IMF, the Government asked her to "modify the availability dates for the purchases associated with the remaining reviews" but did not state any reason for the request.

It said, however, that Jamaica stands ready to take any additional measures that may be required.

"The Government will consult with the Fund on the adoption of these measures and in advance of revisions of the policies contained in the MEFP (Memorandum of Economic and Financial Policies), in accordance with the Fund's policies on such consultations," stated the March 4 letter, co-signed by Finance Minister Dr Peter Phillips and Bank of Jamaica Governor Brian Wynter.

Jamaica signed a four-year extended fund facility with the IMF last year and has so far passed three quarterly reviews under the programme. The completion of the third review enabled Jamaica to access the fourth drawdown under the programme of approximately US$71.4 million, bringing the total disbursements under the programme to US$345.8 million.