IMF board confirms Jamaica passed first quarter test
Daraine Luton, Senior Staff Reporter
Minister of Finance and Planning Dr Peter Phillips will make a statement in the House of Representatives tomorrow on the status of Jamaica's four-year Extended Fund Facility arrangement with the International Monetary Fund (IMF).
The IMF Executive Board today announced it has approved the completion of Jamaica’s first review.
The Board was advised by Fund's staff of a revised date for the tabling of the Omnibus Incentives Legislation.
"This approval has paved the way for a second draw-down under the programme and support from other multilateral development partners, including the Inter-American Development Bank and the World Bank," a release from the Ministry of Finance said today.
The ministry said Jamaica remains on track to meet all the quantitative targets for the quarter ending September 30, 2013 and that it expects that it will successfully complete the second review under the Extended Fund Facility which is expected to go to the IMF Executive Board for approval before the end of December 2013.
The Extended Fund Facility arrangement amounts to 615.38 million in special drawing rights, or about US$932.3 million, the equivalent of 225 percent of Jamaica’s quota in the IMF.
The financing arrangement forms a critical part of a total funding package of US$2 billion from Jamaica’s multilateral partners including the World Bank and the Inter-American Development Bank, with each having preliminarily agreed to allocate US$510 million over the next four years.
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