IMF approves new three-year standby arrangement for Ja
THE INTERNATIONAL Monetary Fund (IMF) has approved a three-year Standby Arrangement (SBA) for Jamaica to support continued economic reforms.
The agreement, approved yesterday by the IMF Executive Board, allows for the fund to release US$1.64 billion to Jamaica.
About US$411.9 million will be immediately available.
The remainder will be available in six tranches upon completion of semiannual programme reviews.
The deal replaces the current special extended fund facility that was scheduled to end in March next year.
“The Jamaican authorities have indicated that they will treat the arrangement as precautionary and do not intend to draw on the new SBA unless exogenous shocks generate an actual balance of payments need,” an IMF spokesperson said in a statement.
The IMF said Jamaica has established a commendable track record of programme ownership and implementation under the Extended Fund Facility.