Jul 2016 Financial News

IMF concludes mission to Jamaica

Jul 25, 2016

KINGSTON, Jamaica—A team from the International Monetary Fund (IMF) on Thursday agreed that growth and job creation as well as poverty reduction and national security should be the objectives of any future engagement with Jamaica.

Led by Deputy Director of the Western Hemisphere Department, Nigel Clarke and Uma Ramakrishnan the Mission Chief for Jamaica, the team met with Prime Minister Andrew Holness, Finance Minister Shaw, Governor of the Bank of Jamaica Brian Wynter and other members of the economic team.

“We held productive discussions with Prime Minister Holness and his economic team on modalities for future engagement with the IMF when the ongoing EFF (Extended Fund Facility) expires,” Chalk said in a statement on Thursday.

He added that discussions would continue during the next EFF review mission, currently scheduled for August.

Earlier this week, Shaw said he would be willing to invite stakeholders to help shape a new deal with the IMF.

In 2013, Jamaica entered into a four year US$948.1 million EFF agreement with the Washington-based financial institution to support a comprehensive economic reform agenda for the country and Shaw, speaking in the Parliament Tuesday said that the government, which came to power following the February 25 general election this year is at “this time discussing with the IMF a future form of engagement.

“The precise form of that engagement, we have not finalised it as yet,” Shaw said, adding that the details of the discussions will be shared after the final arrangement is made.

“We believe that it is good, it is tidy and it is transparent that we should continue to have a relationship with the IMF and we feel that it is good all-around for Jamaica’s progress,” Shaw said.

Last month, the IMF completed the combined 11th and 12th reviews of the EFF programme here and announced that as a result, the island would receive US$80 million, bringing the total disbursements under the arrangement so far to US$748 million.

There are three more quarterly reviews remaining under the four-year programme. (CMC)

Source
Trinidad Guardian, A18
Saturday July 23, 2016