IMF Meets to Decided on Jamaican SBA

The board of the International Monetary Fund, IMF is reportedly meeting in Washington today to decide whether to approve a precautionary Standby Agreement, SBA for Jamaica.

IMF staff recommended the 3-year agreement last month.

If approved, Jamaica would have access to USD$1.7-billion in the event of shocks such as natural disasters or a spike in oil prices.

The SBA would replace the current Extended Fund Facility, EFF.

Co-Chair of the Economic Programme Oversight Committee, EPOC, Richard Byles, says there will not be a 14th IMF review of the EFF.

He was speaking at EPOC’s final press briefing this morning.

Meanwhile, Mr. Byles says all targets have been met for the last quarter.

Net International Reserves are now at USD$2.47-billion.

This is well above the IMF target of $1.85-billion.

The primary surplus, at USD$53-billion, is also more than double the targeted amount.

Mr. Byles says EPOC views the Stand By Agreement as a positive development.

He says it augurs well for confidence in the Jamaican economy, development and growth.

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