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IMF Board approves first review of four-year arrangement with Jamaica

Published:Monday | September 30, 2013 | 5:36 PM

The Executive Board of the International Monetary Fund (IMF) has announced its approval of the first review of Jamaica’s four-year Extended Fund Facility arrangement clearing the way for a second drawdown from the multilateral body.



The ministry of finance says the approval also paves the way for support from other multilateral development partners, including the Inter-American Development Bank and the World Bank.



It also says the Board was advised by the Fund's staff of a revised date for the tabling of the Omnibus Incentives Legislation.



The ministry says Jamaica remains on track to meet all the quantitative targets for the quarter ending September 30.



And it says it expects that it will successfully complete the second review which is expected to go to the IMF Executive Board for approval before the end of December.



Minister of Finance and Planning Dr Peter Phillips will make a statement in the House of Representatives tomorrow on the status of the IMF programme.



The Extended Fund Facility arrangement amounts to $615.3-$8 million in special drawing rights, or about US$932.3 million.



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