Jamaica has passed the second review of the International Monetary Fund under the Precautionary Standby Arrangement.
IMF Mission Chief to Jamaica, Dr. Uma Ramakrishnan, says all quantitative targets and structural benchmarks under the programme up to June this year have been met.
The Executive Board of the Fund is to review the country’s performance in October.
Following what’s expected to be a positive review, an additional USD$180-million will be made available to the country.
Dr. Ramakrishnan says the government’s primary balance surplus exceeded the IMF’s programme target by a ‘healthy margin’.
Dr. Ramakrishnan says growth forecast for the 2017-2018 fiscal year has been cut to 1-point-6-percent due to flooding earlier in the year.
Meanwhile, the government says it’s committed to steering the country on a path of economic growth, without the assistance of the IMF.
Prime Minister, Andrew Holness, says the country will need to invest in activities that will inspire growth and alleviate poverty.
He says passing the IMF’s second review does not mean the country’s out of difficulty. He says the country has to address its dependence on international foreign aid.