DiGgers it was announced late yesterday that the Executive Board of the International Monetary Fund has approved the first review under the four-year Extended Fund Facility.
The approval unlocks the second tranche in the amount of 19.97M Special Drawing Rights (SDR). The agreement amounts to 615.38M Special Drawing Rights representing 225% of Jamaica’s quota in the IMF. Read more here.
The approval is expected to not only further restore business and investor confidence in the economy but it also makes way for other multilateral agencies such as the World Bank to lend the country its support.
The country is far from out of the woods, Minister of Finance Peter Phillips, acknowledges the difficult times that the country faces and that lie ahead. As he stated in a recent interview with the Gleaner “…like any course of treatment for any individual who has to undergo a medical procedure, or any change in direction, it involves hardships, but we need to be clear that there is an end objective,…”. Read more here.