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Phillips to speak on IMF programme today

Published:Tuesday | October 1, 2013 | 12:19 PM

Minister of Finance and Planning Dr Peter Phillips is to make a report to Parliament this afternoon on the status of Jamaica's programme with the International Monetary Fund (IMF).



His address comes against the background of yesterday's announcement that the IMF Executive Board has approved the first review of Jamaica’s four-year Extended Fund Facility arrangement.



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



However, Dr Phillips is warning that the country still has a very difficult period before it and there is no place for complacency in implementing Jamaica’s economic programme.



The completion of the first review enables the disbursement of $19.97 million in special drawing rights or about US$30.6 million.



That will bring total disbursements under the arrangement to 156.72 million special drawing rights or about US$240.4 million.



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