- Staff-level agreement was reached on a new SBA to support an economic program aimed at sustaining macroeconomic stability, boosting employment, raising living standards, and progressively reducing poverty.
- The precautionary SBA will be an insurance against unforeseen economic shocks that are beyond the control of Jamaica.
In a joint media release from the Jamaican Government and the International Monetary Fund (IMF) yesterday, it was revealed that the Fund’s representatives and Jamaican authorities reached a staff-level agreement on a new economic programme for the country that would be supported by a 36-month Stand-By Arrangement (SBA) with the IMF. This will allow Jamaica to access Special Drawing Right (SDR) 1.2 billion (equivalent to 312 per cent of quota or about US$1.7 billion). If approved by the IMF’s executive board in November, SDR 300 million, or about US$430 million, would immediately be made available to Jamaica.