IMF Update: Ja Passes Second Test

Photo Courtesy: Winnfm & JamaicaStores
Photo Courtesy: Winnfm & JamaicaStores

Did you know that the four-year IMF arrangement under the Extended Fund Facility (EFF) that was approved on May 1, 2013 consists of 15 reviews?

Source: Memorandum of Economic and Financial Policies (MEFP)
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Six months into the programme Jamaica has undergone two reviews so far. The first review of Jamaica’s performance under the economic program was given the official stamp of approval by the IMF’s Executive Board members on September 30, 2013. The first review unlocked the second tranche of the loan, approximately US$30.6 Million.

The report by the IMF team who recently concluded their second review now awaits the approval of the IMF’s Executive Board members, which should be given no later than the end of December. With the approval of the IMF Board, the third tranche of the loan SDR 19.97 Million will be received into Jamaica’s coffers.

IMF mission Chief Jan Kees Martijn and his team has “expressed satisfaction with the pace of implementation of the fiscal and other structural reforms that are all aimed at creating a growth-friendly economic environment” said Finance Minister Dr Peter Phillips in his address to the media at an IMF press conference held at the Ministry of Finance Hereos Circle office in Kingston yesterday.

Want to know more about what was said at the IMF press conference? Read more here.

Official IMF Statement on Second Review here.