Today Marks Second Payment Towards 2010 IMF SBA & More


diGgers following on our blog post The IMF Repayments Have Begun! (For The 2010 Stand-By Arrangement) when we provided you with a breakdown of the schedule repayments of the 2010 loan and promised to be your place for all things IMF, we bring you an update.

Firstly, Jamaica had no reform deadlines or payments in July.

Today, August 8, 2013, marks the second repayment to the IMF towards the Stand-By-Agreement agreed with the International Monetary Fund on February 4, 2010. Today’s repayment of SDR 51,787,500, is worth US$78.8 million (at today’s SDR rate) or approximately J$8 billion (at yesterday’s US$ rate).

On August 1, 2013 there was a payment of US$2.5 million (at today’s SDR rate) but this payment was for penalty and fees to the Fund.

August 31st 2013, is the deadline for the Government to present the IMF staff with a conceptual proposal for the design of the Fiscal Rule.

The new Fiscal Rule will provide guidance to policy makers and the public by ensuring a sustainable budgetary balance, taking into account short-term factors that are to be incorporated in the annual budgets. The rule which will be legally binding is to be introduced and enforced with the fiscal year 2014/15 budget.

In designing the rule the Government is to have received technical assistance from the Fiscal Affairs Department (FAD) of the International Monetary Fund. For over 49 years, FAD has been a leading source of fiscal policy and management expertise worldwide.

Today, August 8, also marks the deadline for the receipt of proposals by the Office of Utilities and Regulation (OUR) for the bids to construct the 360 Megawatt Combined Cycle Plant.

diGgers, remember to check out the IMF Special Report, consume the information that we have brought to your fingertips in a user friendly and interactive format and remember diGjamaica is  ‘your one stop shop everything Jamaica and the IMF’.