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IMF and Jamaica reach an agreement
Thursday, 14 January 2010
The International Monetary Fund (IMF) says the agency has reached agreement with the Jamaican government for a US$1.25 billion loan under a 27-month stand-by arrangement.
However, the IMF statement says that the loan is still subject to the approval of the Executive Board.
The Board is expected to consider the matter in the next few weeks.
The IMF says that it is awaiting quote some prior actions to be taken by the Jamaican government.
It did not specify what those actions were.
The stand by arrangement will have three main elements.
They are a fiscal consolidation strategy to streamline expenditure and reform the public sector, a debt management strategy as well as a programme to reform and strengthen the financial system.
An IMF official also said the programme will allow for at least a 25% expansion in the social safety net programme, especially the Programme of advancement through Health and Education (PATH).
Thursday, 14 January 2010
The International Monetary Fund (IMF) says the agency has reached agreement with the Jamaican government for a US$1.25 billion loan under a 27-month stand-by arrangement.
However, the IMF statement says that the loan is still subject to the approval of the Executive Board.
The Board is expected to consider the matter in the next few weeks.
The IMF says that it is awaiting quote some prior actions to be taken by the Jamaican government.
It did not specify what those actions were.
The stand by arrangement will have three main elements.
They are a fiscal consolidation strategy to streamline expenditure and reform the public sector, a debt management strategy as well as a programme to reform and strengthen the financial system.
An IMF official also said the programme will allow for at least a 25% expansion in the social safety net programme, especially the Programme of advancement through Health and Education (PATH).