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IMF thumbs up
New agreement vote of confidence in Jamaica, says PM
BY KARENA BENNETT Observer business reporter bennettk@jamaicaobserver.com ?
Friday, October 14, 2016
Holness noted that the IMF’s decision to support the arrangement signals a “firm vote of confidence in Jamaica”. “Let me emphasise that Jamaica, by its policy, credibility, and discipline, has reaped a US$1.7-billion insurance dividend which gives confidence to any investor that Jamaica is serious about reform
“This new proposed programme, and the important commitment of the IMF resources that it entails, is a firm vote of confidence in Jamaica. Our request to move to a precautionary arrangement is a sign of strength and reflects the policy, credibility, and strong macroeconomic management of the Government,” he continued.
Director of IMF’s Western Hemisphere Department Alejandro Werner said Jamaica has made commendable progress in its economic adjustment programme over the past three-and-a-half years under the existing IMF-supported programme. He added that Jamaica’s fiscal discipline and proactive debt management have helped in reducing public debt more than 25 per cent of Gross Domestic Product since the start of arrangement under the Extended Fund Facility.
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