IMF Approves US$1.64 billion Standby Arrangement for Jamaica

4121035876illegaltrademoney“The Executive Board of the International Monetary Fund (IMF) today approved a threeyear Stand-By Arrangement (SBA) for Jamaica to support the authorities’ continued economic reform agenda. Access under the SBA arrangement amounts to about US$ 1,64 billion (SDR 1,195.3 million), the equivalent of 312 percent of Jamaica’s quota in the IMF.

“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. The Executive Board approval will make about US$ 411.9 million (SDR 300.1 million) available, and the remainder in six tranches upon completion of semiannual program reviews. …”

For more information, see the IMF’s website.