The board of the International Monetary Fund, IMF approved a new agreement for Jamaica on Friday.

The three-year Precautionary standby arrangement will allow Jamaica access to up to USD$1.6-billion, in case of any serious economic shocks.

It replaces the USD$900-million Extended Fund Facility, EFF, originally set to expire next year.

Prime Minister Andrew Holness says Jamaica has transitioned seamlessly into the new programme, signaling a new era of political maturity.

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Mr. Holness says with the approval, the country is well on its way to meeting its economic projections.

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Meanwhile, Prime Minister, Andrew Holness says Jamaica could be on it’s way to becoming a net exporter of energy by becoming a regional distributor of LNG.

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Earlier this year, the Bogue plant was converted from using diesel fuel to the cheaper LNG.

Mr. Holness says it could also be used to fuel public transportation and lower Jamaica’s carbon footprint.

He addds that this change now makes Jamaica far more competitive in the region.

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He was speaking at the commissioning of the LNG-fired Bogue power plant in St. James on Friday.

The Prime Minister also signaled imminent approval by the National Environment and Planning Agency, NEPA, for the construction of the 190 Megawatt LNG power plant in Old Harbour St. Catherine.

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