Uncertainty over value of IMF loan

The BOJ said it is expecting at least US$1.3 billion in balance of payment support from the IMF.



The Government had initially announced that it was seeking US$1.2 billion from the IMF.



However, there has been speculation that the government had increased that sum to US$1.5 billion.



At a press conference last week the Government’s Information Spokesman, Daryl Vaz said he was only aware about the US$1.2 billion originally stated.



However, his cabinet colleague Dr Horace Chang said the application to the IMF was for US$1.5 billion.



Notwithstanding, the BOJ says the IMF loan will significantly enhance its ability to maintain market stability.



An IMF team left the island yesterday having signed off on the key terms of an agreement with Jamaica.



The proposal will now be followed by a letter of intent, which will be reviewed by the board of the IMF in January.