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Finance Minister gives update on IMF visit
Friday, 06 November 2009 
The country's ballooning debt and the gaping fiscal deficit are the main items of focus for an IMF team currently in the island.
The IMF team and top officials of the government and the Finance Ministry have over the past 11 days been discussing possible strategies to reduce the deficit and get the debt figure on a downward path.
This information was revealed on Friday by the Finance Ministry in a promised statement on the progress of negotiations with the IMF.
The statement says marked progress has been made on both issues on the current mission.
However, it failed to give details.
The Ministry said the discussions have also focused on determining an appropriate set of policy measures in the short and medium term that would address the macro-economic imbalances besetting the country.
Discussions with Chief of the IMF's Caribbean Division Trevor Alleyne who headed the mission to the island, are due to continue next week in Washington DC.
Jamaica is seeking US$1.2 billion under a stand-by facility from the IMF.
However, doubts have been expressed over whether the country will meet the November deadline set for the conclusion of talks, especially in light of the sudden departure of the previous point man, former Central Bank Governor Derrick Lattibeaudiere.
The discussions cover the current fiscal year, the 2010/2011 period as well as a range of policy options.
Finance Minister gives update on IMF visit
Friday, 06 November 2009 Finance Minister Audley Shaw.
The country's ballooning debt and the gaping fiscal deficit are the main items of focus for an IMF team currently in the island.
The IMF team and top officials of the government and the Finance Ministry have over the past 11 days been discussing possible strategies to reduce the deficit and get the debt figure on a downward path.
This information was revealed on Friday by the Finance Ministry in a promised statement on the progress of negotiations with the IMF.
The statement says marked progress has been made on both issues on the current mission.
However, it failed to give details.
The Ministry said the discussions have also focused on determining an appropriate set of policy measures in the short and medium term that would address the macro-economic imbalances besetting the country.
Discussions with Chief of the IMF's Caribbean Division Trevor Alleyne who headed the mission to the island, are due to continue next week in Washington DC.
Jamaica is seeking US$1.2 billion under a stand-by facility from the IMF.
However, doubts have been expressed over whether the country will meet the November deadline set for the conclusion of talks, especially in light of the sudden departure of the previous point man, former Central Bank Governor Derrick Lattibeaudiere.
The discussions cover the current fiscal year, the 2010/2011 period as well as a range of policy options.
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