IMF ap­proves new three-year standby ar­range­ment for Ja

Jamaica Gleaner - - FRONT PAGE -

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.

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