(Jamaica Gleaner) The Bank of Jamaica (BOJ) has received the first allocation of money from the International Monetary Fund (IMF) under the special drawing rights (SDRs).

Two weeks after The Gleaner reported that the board of the IMF had approved the money for Jamaica, the central bank collected US$303.41 million or approximately 74 per cent of Jamaica’s quota with the IMF.

The rest of Jamaica’s allotment, US$27.4 million, should arrive at the central bank by next week.

In announcing the allocation, the finance ministry noted that the money already received by the central bank had increased the country’s net international reserves to US$1.9 billion.

The gross reserves opened this week at the equivalent of 15.6 weeks of goods and service imports.

The allocation also enhances the ability of the BOJ to underwrite stability in the financial markets and to meet any shortfall in the country’s external financing requirements.

The SDRs are different from the US$1.2 billion which Jamaica is seeking from the IMF under a standby arrangement.
A letter of intent for that arrangement is expected to be submitted later this month by the Ministry of Finance, with the IMF scheduled to decide on Jamaica’s request by early October.