Jamaica on target to pass IMF third quarterly review......will pave the way for a fourth drawdown of funds totalling US$71 million under the programme.

KINGSTON, Jamaica  (JIS) — Jamaica is on target to pass the International Monetary Fund’s (IMF) third quarterly economic review, under the four-year Extended Fund Facility (EFF).

The approval, which is expected by the end of March, will pave the way for a fourth drawdown of funds totalling US$71 million under the programme.

Head of the IMF Staff Mission Team to Jamaica, Dr Jan Kees Martijn, made the disclosure during a press briefing at the Ministry of Finance and Planning’s National Heroes Circle offices in Kingston Thursday morning (February 13).

According to Dr Martijn, the impending approval by the IMF’s Management and Executive Board is based on the country’s positive performance under the Government’s economic reform programme for the third quarter of the fiscal year, between October and December, which recorded growth of about 1.4 per cent.

An IMF Mission, led by Dr Martijn, has been in Jamaica from February 5 to 13 to undertake the third review of Jamaica’s performance under the EFF, which was approved last May. Jamaica has, so far, had two positive reviews for the June and September quarters. more