Tue | Jun 15, 2021

IMF third review: Jamaica's economic efforts remain strong

Published:Wednesday | March 19, 2014 | 12:54 PM

The Executive Board of the International Monetary Fund (IMF) today completed the third review of Jamaica’s economic performance under a programme supported by an Extended Fund Facility arrangement.



The completion of this review enables the disbursement of an amount equivalent to US$71.4 million.



That amount would bring total disbursements under the arrangement to about $345.8 million.



Following the Executive Board’s discussion, Nayouki Shinohara, Deputy Managing Director and Acting Chair of the Board, said Jamaica’s programme implementation under the Extended Fund Facility has remained strong.



He said the current account has improved markedly and international reserves have increased in line with program requirements.



Shinohara also said the execution of the 2013/14 budget has remained broadly on track although economic recovery is fragile.



A team from the IMF conducted the third review between February 5 and 13.



The Executive Board approved the Extended Fund Facility arrangement for four years and a total $948.1 million on May 1, 2013.



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