IMF team to arrive today

A team from the International Monetary Fund (IMF) is expected to arrive in the Jamaica today.



The visit is part of Jamaica’s efforts to re-enter into a borrowing relationship with the international agency.



The Government is optimistic that the board of governors at the IMF will decide on Jamaica’s application for balance of payment support, by the end of October.



The Government is trying to prepare a Letter of Intent by next week to access a $1.2 billion loan from the IMF.



The Cabinet was expected to deliberate on matters related to the IMF during yesterday’s weekly meeting.



The finance minister has argued that without the IMF’s balance of payment support, Jamaica’s Net International Reserves could drop to US$800 million.



This would be equal to about six weeks of imports, which is not considered ideal.



Last week the Bank of Jamaica got US$303 million from the IMF.



The allocation was made under the IMF’ Special Drawing Rights system.



Special Drawing Rights are interest bearing international reserve assets created by the IMF to supplement the official reserves of the central banks of member countries.