The Executive Board of the International Monetary Fund (IMF) on Friday completed the third review of Jamaica’s economic performance under the Stand-By Arrangement (SBA).
Completion of the review enables the immediate disbursement of an amount equivalent to SDR 31.9 million (about US$49.3 million), bringing total disbursements under the arrangement to SDR 541.8million (about US$838.2 million).
Jamaica’s performance under the program has been positive overall and all end-September quantitative performance criteria were met, the IMF said.
The Executive Board approved modifications of certain performance criteria, including a small relaxation of some fiscal targets to accommodate spending related to Tropical Storm Nicole and an increase in the floor on net international reserves.
The IMF’s Executive Board approved a 27-month SBA in an amount equivalent to SDR 820.5 million (about US$1.27 billion) on February 4,.
Following the Executive Board discussion on Jamaica, Murilo Portugal, deputy managing director and acting chair, said, “Overall performance under the Stand-By Arrangement has been satisfactory. Signs of recovery have emerged, with net job creation for the first time in four quarters, and inflationary pressures remain subdued, allowing an accommodative monetary policy. The authorities’ macroeconomic program continues to focus on restoring fiscal sustainability and increasing the economy’s resilience to external shocks. Further progress is necessary on the fiscal and structural reform agenda. Enhancing competitiveness and the overall investment climate is key to boosting potential growth.”
