Jamaica to Host Critical Talks with Correspondent Banks in November

Jamaica is to host a second meeting with correspondent banks next month, in an attempt to get them back on board to provide services to the hard-hit remittance and Cambio sector.

The announcement was made today at the IMF annual meetings in Washington DC.

Jamaica was cited as one of three countries hardest hit by the correspondent banking crisis, during a presentation at the IMF annual meetings.

The good news is that the big banks are coming to the table, and are willing to talk.

The first meeting was facilitated by the IMF was in Barbados in February. And now they’re coming to Jamaica to continue the talks.

Carolina Claver is a Senior Financial Sector Expert at the IMF’s Legal Department.

The other good news is that the IMF has indicated it’s committed to continuing to facilitate the dialogue.

Claver is insistent that banks can’t just leave small countries like Jamaica out in the cold.