Opposition Spokesman on Finance, Dr. Peter Phillips, is describing the announcement that the government and IMF have reached a staff-level agreement on a new three-year Standby Arrangement as a positive development for Jamaica.

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Dr. Phillips says he hopes the debt reduction target will be sustained in the pending agreement as well as the continuation of fiscal prudence.

He says it’s important to now hear the details, especially as it relates to benchmark targets before making further assessments.

Dr. Phillips says the proposed programme is a credit to the sacrifices made by the people of Jamaica.

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Meanwhile, Dr. Phillips is suggesting there’s another side of the story that cannot be ignored.

He says it appears the country still needs the IMF’s ‘stamp of approval’ to convince the international financial market and other multilateral agencies that the government is pursuing prudent macro-economic policies.

He says his comments are not a criticism of neither the present nor previous administration.

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