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More difficulties ahead, Phillips warns

Published:Sunday | May 18, 2014 | 10:57 AM

Having passed the fourth consecutive International Monetary Fund (IMF) quarterly test, Finance Minister Dr Peter Phillips says there is still ahead a great deal of difficulties to overcome.

According to Phillips, with the fourth quarterly International Monetary Fund (IMF) test out of the way, the next phase which the country is about to enter, is more difficult than the previous one.

“It is easy to not spend in real terms, it is much more painstaking to tackle the details of the subtle changes that have to be made in each area of public administration. It does not attract a grand headline, but it is absolutely important,” Phillips said.

On Friday it was announced that Jamaica passed its fourth quarterly IMF, test, under the current agreement for an Extended Fund Facility with the multi-lateral lending agency.

A recommendation will now go to the Executive Board of the IMF for approval for the disbursement of US$96 million to Jamaica.

The submission will be made next month.

Last week, Alejandro Warner, the IMF’s Western Hemisphere director, commended the Government of Jamaica for maintaining political support and civility in the implementation of the Extended Fund Facility. He said this was admirable, in light of the complexities of the programme and the social challenges that the country faces.



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