International Monetary Fund’s (IMF) Mission Chief for Jamaica, Dr. Manuela Goretti, says the country should by today receive the US$520 million that has been approved by the Fund's Executive Board.
The money is being disbursed under the IMF's Rapid Financing Instrument.
Minister of Finance, Dr. Nigel Clarke, wrote to the IMF on April 15, requesting access to the facility as part of measures to cushion Jamaica from the economic fallout of the COVID-19 pandemic.
Jamaica is among 60 countries whose Rapid Financing Instrument has been approved.
In the meantime, the IMF Mission Chief says the Jamaican economy is projected to contract by 5.3 per cent during the current fiscal year. She says there should be gradual recovery over the next two years.
However, Dr. Goretti cautioned that the outlook remains subject to an unusually high degree of uncertainty.