Jamaica Passes Second Review under IMF Standby Arrangement


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’.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2017/09/Ramakrishnan-exceed-targets-SEP142017.mp3″]

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.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2017/09/Ramakrishnan-expect-growth-SEP142017.mp3″]

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.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2017/09/PM-HOLNESS-Ja-will-need-to-invest-more-in-pov-alleviation-SEP142017-ed.mp3″]

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.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2017/09/PM-HOLNESS-dependence-SEP142017.mp3″]


Stevian Simmonds is an investigative journalist with almost 3 years of experience in radio broadcasting, production and reporting. She graduated from Caribbean School of Media and Communication in 2014 and joined Nationwide News in 2016. In 2018, she produced a special report examining the working conditions of the Bussiness Process Outsourcing Industry. She worked undercover as a call center agent for a month, revealing the lack of data protection and general security infrastructure in the industry. Her report also highlighted the poor working conditions and remuneration faced by workers in the industry. In 2018, Stevian traveled to New Delhi India where she participated in the Inaugural WHO Partners Forum benefiting from critical training related to reporting on women’s and children’s health issues.