IMF lauds Jamaica for progress on fiscal reform agenda

 

The International Monetary Fund has lauded Jamaica for its progress in strengthening its policy frameworks and implementing ambitious climate policy agenda.

 

In its first review of Jamaica's performance under the Precautionary Liquidity Line and the Resilience and Sustainability Facility approved in March, the multilateral lending agency said Jamaica has made important progress on its fiscal reform agenda.

 

Finance Minister Dr. Nigel Clarke says the IMF's review acknowledges the country's fiscal prudence. 

 

"The macroeconomic stability that Jamaica has established has one sort of praises from the international community. It is indeed something for us to celebrate that Jamaica has lower unemployment than Canada. It has lower inflation than the UK. And for the first few quarters of this year, higher growth than the United States. And in very technical language, the IMF is giving some credit to the Jamaica and the Jamaican people for that kind of performance," he said. 

 

In March, the IMF approved Jamaica for the Precautionary Liquidity Line, giving the country access to US$611 million in the event of adverse shocks.

 

The Resilience and Sustainability Facility gives access to US$255 million for disaster risk reduction and climate smart projects.