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Jamaica might have to make some minor changes to its arrangement with the International Monetary Fund (IMF) due to, among other things, the Government's intention to dismantle criminal gangs across the island.
The initiative is set to cost the country one billion US dollars.
Additionally, Financial Secretary, Dr. Wesley Hughes says in light of the recent unrest and the expected challenges, the Government has already begun talks with the IMF regarding possible adjustments.
He disclosed that there are plans to include the recent developments in Jamaica's Letter of Intent, which was being modified after Jamaica's better than expected performance on the first IMF test.
A team from the IMF was in the island last month to review the country's performance and reported that Jamaica had met all its quantitative performance criteria for the March test without the need for waivers.
Based on this performance, the team has recommended the release of the next tranche of funds to Jamaica.
The team and the Government also agreed to update the Letter of Intent for review by the board of the IMF when it meets this month.
The initiative is set to cost the country one billion US dollars.
Additionally, Financial Secretary, Dr. Wesley Hughes says in light of the recent unrest and the expected challenges, the Government has already begun talks with the IMF regarding possible adjustments.
He disclosed that there are plans to include the recent developments in Jamaica's Letter of Intent, which was being modified after Jamaica's better than expected performance on the first IMF test.
A team from the IMF was in the island last month to review the country's performance and reported that Jamaica had met all its quantitative performance criteria for the March test without the need for waivers.
Based on this performance, the team has recommended the release of the next tranche of funds to Jamaica.
The team and the Government also agreed to update the Letter of Intent for review by the board of the IMF when it meets this month.
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