Tao Zhang - IMF Deputy Managing Director
The International Monetary Fund (IMF) has approved a new deal for Jamaica to replace the Extended Fund Facility. As a result, Jamaica will have access to US$1.6 billion.
With the new deal, which was approved yesterday, US412 million is available and the rest will be accessible if the country continues to pass IMF tests, which will now be done every six months.
Meanwhile, Deputy Managing Director of the IMF, Tao Zhang, says despite the many positives regarding Jamaica's economy, growth is still low, poverty and unemployment are high, and crime as well as security challenges impose a serious drag on growth.
He however praised Jamaica for establishing a commendable track record of program ownership and implementation under the Extended Fund Facility.
The IMF official said macro-economic stability has been entrenched, evidenced by low inflation, the build up of foreign currency reserves, and a decline in the current account deficit.
Tao added that fiscal discipline and proactive debt management have helped place public debt on a downward trajectory.
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