IMF approves US$1.27 billion loan to Jamaica

[Lazie]

BY HAROLD G BAILEY Observer correspondent
Thursday, February 04, 2010

THE International Monetary Fund (IMF) has approved Jamaica's application for a US$1.27-billion standby agreement.Approval of the agreement was reached at an IMF board meeting in Washington this morning and caps more than six months of negotiations between the fund and Government.A disbursement of about US$ 640 million will be available immediately."The key objectives of the arrangement are to support the Jamaican authorities’ ample reform program to address deep-seated structural weaknesses in the country’s economy, increase its growth potential, and make it less vulnerable to external shocks," said a statement from the IMF.The programme has a three-part strategy:An ambitious plan that puts public finances on a sustainable path that includes much-needed public sector reform;A debt strategy to lower exceptionally high interest costs and help address the problem of the debt overhang , and raise the productivity of public spending;Financial sector regulatory reform to reduce systemic risks.
Approval of the agreement was reached at an IMF board meeting in
Washington this morning and caps more than six months of negotiations between the fund and Government.
A disbursement of about US$ 640 million will be available immediately.
"The key objectives of the arrangement are to support the Jamaican authorities’ ample reform program to address deep-seated structural weaknesses in the country’s economy, increase its growth potential, and make it less vulnerable to external shocks," said a statement from the IMF.
The programme has a three-part strategy:

• An ambitious plan that puts public finances on a sustainable path that includes much-needed public sector reform;
• A debt strategy to lower exceptionally high interest costs and help address the problem of the debt overhang , and raise the productivity of public spending;
• Financial sector regulatory reform to reduce systemic risks.

[Mosiah]

Big up Audley! About 9 months late, but hey!

[Muadib]

"I have a team that is committed.."

"And I, am the Drivah !"

Don't stap at all..

[Lazie]

Big up Audley! About 9 months late, but hey!

9 months late? Obviously unuh wasn't paying attention. When ppl was cussing the gov't about botching the negotiations, it came to light that it was issues like the JDX and Air J were holding up the deal.

[Karl]

Devil in the details!

• An ambitious plan that puts public finances on a sustainable path that includes much-needed public sector reform;
• A debt strategy to lower exceptionally high interest costs and help address the problem of the debt overhang , and raise the productivity of public spending;
• Financial sector regulatory reform to reduce systemic risks.

Yup! ...Devil in the details!

[Muadib]

9 months late ??

I thought the report said over 6 months of negotiations.. ?

[Muadib]

yeah but first yuh haffi have di cyar going in the right direction... something your people that you avidly supported seemed to have serious problems with..

[Mosiah]

sure! but from the time eddie seaga and others tell dem dat dem have no choice but to go the imf...is at least 9 mths!

[Muadib]

Eddie ?

Watchya.. lol...

Unnuh good as Gold..

[Mosiah]

yes, every economist was urging the govt to go to the imf from as far back as 2008, but out of shame, ignorance or incompetence, dem never waan do it, until now. and because of that, the austerity measures will hit us even harder now.

[Lazie]

yes, every economist was urging the govt to go to the imf from as far back as 2008, but out of shame, ignorance or incompetence, dem never waan do it, until now. and because of that, the austerity measures will hit us even harder now.

Sounded like a jealous ex wife again. When the economists were saying we should go back to the IMF how many times have we heard that Wehby was in exploratory talks with the IMF?

Based on the ignorance of many of you the gov't had to walk carefully. Suh nuh bother talk bout they never wanted to ... Once the talk of the IMF became public how many anancy stories started to hit the airwaves?

[Mosiah]

Wehby? Him is what, Vasco da Gama? A wha kinda exploration yuh haffi deh pon so? And fi 'ow long?!?

Exploratory talks! Ef a laff a get stretch mark to rahtid!

[Assasin]

More like because of lack of political will. The IMF was made to be the enemy and the worst thing for Jamaica. IF the government went to the IMF in say March of 2004 they would have been dead duck. You remember the famous Portia speach about the "wickedess government" and Bruce famous reply?

The same people who rather to die than have IMF now saying it should have been done earlier. IF you remember in the run up to election 2007 in debates the word IMF couldn't come up. Now we turn beggars and IMF want them money back and put down them condition, and the we still have IMF tests, and the PNP still not fully endorsing the IMF without any other solution let move forward.

[Lazie]

Wehby? Him is what, Vasco da Gama? A wha kinda exploration yuh haffi deh pon so? And fi 'ow long?!?

Exploratory talks! Ef a laff a get stretch mark to rahtid!

Is alrite Mosiah. I guess ppl looking for something to complain about.

[Lazie]

More like because of lack of political will. The IMF was made to be the enemy and the worst thing for Jamaica. IF the government went to the IMF in say March of 2004 they would have been dead duck. You remember the famous Portia speach about the "wickedess government" and Bruce famous reply?

The same people who rather to die than have IMF now saying it should have been done earlier. IF you remember in the run up to election 2007 in debates the word IMF couldn't come up. Now we turn beggars and IMF want them money back and put down them condition, and the we still have IMF tests, and the PNP still not fully endorsing the IMF without any other solution let move forward.

Remind them.