IMF second quarter review completed, US$30.8m disbursement to be made

The Executive Board of the International Monetary Fund (IMF) today completed the second review of Jamaica’s economic performance under the Extended Fund Facility arrangement.



The completion of the review enables the disbursement of approximately US$30.8 million.



This would bring the total disbursements under the agreement to approximately US$272.2 million.



In a statement today the IMF acting chairman and deputy managing director Nayouki Shinohara, said the overall programme implementation under the loan agreement remains strong.



He further said that there are tentative signs of a gradual economic recovery.



The IMF executive pointed out that all quantitative performance targets for September were met, including the floor on social spending, and structural reforms are proceeding steadily.



He also noted that the execution of the 2013/14 budget has remained broadly on track.



And the IMF acting chairman said the next phase of the loan programme will focus on structural reforms to strengthen the fiscal policy framework.



He added that the main priorities include the adoption of an effective fiscal rule to entrench fiscal discipline and to consolidate the gains of fiscal consolidation in the medium term.



Meanwhile, Shinohara said achieving inclusive growth and enhancing the effectiveness of social protection are central components of Jamaica’s reform programme.



He said the Jamaica’s growth agenda needs to be bolstered by speeding up structural reforms that reduce bureaucracy and improve the government’s interface with the business community, in close collaboration with development partners.



Under the 4-year loan programme with the IMF, Jamaica is to receive financial support worth US$948.1 million.



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