The International Monetary Fund (IMF’s) Mission Chief to Jamaica, Dr. Uma Ramakrishnan, is praising the budget tabled in parliament last week by Finance Minister, Dr. Nigel Clarke.
Dr. Ramakrishnan says the measures will increase economic activity. She adds that the new rates and policies will be a boost to rural areas and the poor.
Dr. Ramakrishnan was speaking at the IMF’s 5th Review Mission Press Conference on Friday. Also addressing the media conference, Minister Clarke says Jamaica has met all targets under the Precautionary Stand-By Arrangement for the period ending December 2018. He says this has enabled the release of USD$223-million. This brings the total sum available to Jamaica to USD$1.4 billion.
Meanwhile, Minister Clarke says the country will still use the IMF’s technical expertise after the Standby Agreement comes to an end in September.
In addition, Minister Clark says Jamaica is in no rush to establish the fiscal council, which the government promised last year.