The International Monetary Fund (IMF) has reached an agreement with Jamaica for a three-year Precautionary Stand-By Arrangement.
An IMF mission visited Jamaica from September 21 to 30 to conduct discussions on a new IMF-supported economic program with Jamaica.
Under the deal, Jamaica will be able to access about US$1.7 billion.
If approved by the IMF’s Executive Board, about US$430 million would be immediately available.
A joint statement on Thursday from the IMF and the Jamaican Government said given the Bank of Jamaica’s comfortable foreign reserves position, the Jamaican authorities have indicated their intention to treat the Standby Agreement as precautionary.
This means it is effectively an insurance policy against unforeseen economic shocks.
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