On May 1, 2013, Jamaica received approval of an Extended Fund Facility (EFF) from the IMF for SDR615.38 million (US$932.3 million). On May 3, 2013, Jamaica received US$202.6 million as the first tranche of this new loan, with US$90 million earmarked for ‘budget’ assistance.
Today, May 8, 2013, marked the first of many repayments to the IMF. However, these repayments are not for the brand-new loan we just spoke about. This repayment pertains to the Stand-By Arrangement (SBA) agreed with the International Monetary Fund on February 4, 2010. Remember that loan?
That agreement, which saw Jamaica draw down SDR541.8, million is now worth (at today’s exchange rates) US$817.9 million or approximately J$81 billion.
Today, we repaid US$78.2 million. We will be repaying the IMF for the 2010 loan until 2028, although the bulk of it should be repaid by 2016.
For the calendar year 2013, Jamaica will repay a total of US$272.9 million.
For the calendar year 2014, Jamaica will repay a total of US$407.6 million.
For the calendar year 2015, Jamaica will repay a total of US$145.2 million.
For the calendar year 2016, Jamaica will repay a total of US$6.1 million.
For the calendar years 2017-2027, Jamaica will repay the IMF approximately US$81,000 annually, with final payments in 2028 worth less than US$30,000.
We are going to need a scoreboard to keep up with all these repayments and obligations. diGJamaica.com has yet to receive the details of disbursement or the repayment scheduling for the newly approved EFF. As soon as we know, you will know.
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