IMF approves US$70.9-m drawdown for Jamaica

Kingston, Jamaica – The Executive Board of the International Monetary Fund (IMF) has approved a disbursement of US$70.9 million to Jamaica confirming that the island has passed the latest review.

The confirmation in a statement from the IMF Friday comes just weeks after an assessment of Jamaica’s performance for the January to March period.

Jamaica has so far received US$414 million from the IMF over the last 12 months under the Extended Fund Facility.

“Jamaica’s programme implementation under the Extended Fund Facility has been commendable. The achievement of a primary surplus in a short time is impressive. Essential social spending has been safeguarded and steps are being taken to strengthen the social safety net. Continued support by the international community remains crucial as Jamaica is undertaking this difficult adjustment,” Naoyuki Shinohara, Deputy Managing Director, and Acting Chair said in the IMF statement.