A team from the International Monetary Fund (IMF) is to arrive in Jamaica this week to continue discussions with the Jamaican Government on a successor arrangement to the Extended Fund Facility which expires next March.
An inter-agency technical team is framing a draft policy document which could get the nod from the IMF.
In a statement to the House of Representatives on Tuesday, Finance Minister Audley Shaw outlined how the successor agreement would operate. He said under the new arrangement, Jamaica would not continue to benefit from an automatic draw-down from the lending agency.
"Our emphasis will be focused on having what we call a precautionary standby agreement that will only furnish foreign exchange if we are in need of it," the finance minister explained.
Mr. Shaw said the emphasis under the new agreement will be on accelerating economic growth.
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