Nov 2016 Financial News

IMF approves new Stand-By Agreement for Jamaica

Nov 14, 2016

MONTEGO BAY, St James – Prime Minister Andrew Holness says the International Monetary Fund (IMF) board has approved a new Stand-By Agreement to replace the existing arrangement which comes to an end in March 2017.

The new economic programme will provide Jamaica with assistance from the IMF under a three-year precautionary Stand-By Agreement.

The agreement is equivalent to support of US$1.7 billion and will see Jamaica being awarded another US$430 million.

“Today (Friday), I am also pleased to announce that the board of the IMF has approved our new IMF agreement,” the prime minister announced. “So it wasn’t just the transition between governments that was seamless, we also transitioned into a new IMF programme seamlessly.”

He was delivering the keynote address at the Jamaica Public Service (JPS) and New Fortress Energy ‘Natural Gas to Jamaica Celebration’ at the Bogue power plant in Montego Bay.

The Government’s drive to bring cheaper and cleaner energy to consumers has been advanced with the arrival of Liquefied Natural Gas (LNG) for the JPS power plant last month.

Supplied by New Fortress Energy, the shipment arrived at the port of Montego Bay aboard the feeder ship Anthony Veeder on October 22.

Holness noted that energy is the most successful structural adjustment endeavour that Jamaica has been pursuing over the past two decades.

He predicted that the economic growth programme will also be prosperous.

“Our economic programme, specifically our fiscal programme, and now moving into our economic growth programme... will also be successful and reap significant results. At the end of these adjustments we are going to have a different Jamaica,” a confident Holness said.

Source:
Jamaica Observer
Monday November 14, 2016

http://www.jamaicaobserver.com/business/IMF-approves-new-Stand-By-Agreement-for-Jamaica_80380