Finance Minister, Dr. Nigel Clarke, has welcomed a recent announcement by the International Monetary Fund, IMF, that it plans to make a historic increase in the allocation of Special Drawing Rights, SDRs, equivalent to $650 Billion.
The Board of the IMF says the allocation, which will take effect on August 23, is intended to boost global liquidity.
Dr. Clarke says Jamaica is set to receive a substantial drawdown under the allocation.
The IMF’s SDR allocation will benefit all members of the Fund, and is intended to address the long-term global need for reserves.
It’s expected to help the most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.
The Finance Minister says as a result of the increased SDRs, the country’s Gross Foreign Exchange Reserves is set to increase.
Dr. Clarke is also hailing Jamaica’s record Net International Reserves.
The Finance Minister says the country’s current financial standing means it may not need to convert the allocation being made by the IMF.
Dr. Nigel Clarke, Finance Minister.
He was speaking with our news center today.