(Jamaica Observer) KINGSTON, Jamaica — The executive board of the International Monetary Fund (IMF) yesterday Jamaica’s request for access to the Fund Rapid Financing Instrument in the amount of approximately US$520 million. This represents 100 per cent of Jamaica’s quota and the maximum amount available under this facility.
Minister of Finance and the Public Service, Dr Nigel Clarke, made the following statement:
“The resources approved by the IMF today will be extremely valuable in boosting Jamaica’s foreign exchange reserves, and in assisting Jamaica to meet COVID-19 related balance of payments challenges.”
“Our fiscal and monetary reforms have provided Jamaica with options that many countries do not have. Public body reform, inclusive of divestment and reintegration of public bodies, as well as recent fiscal over-performance has provided substantial cash resources that will be deployed to assist in the financing of the fiscal impact of the COVID-19 pandemic.”
“These tangible dividends of our reform effort further reinforce our continued commitment to Jamaica’s economic reform agenda.”
“We are grateful to the Fund for the quick response to Jamaica’s request which was made exactly one month ago on April 15, 2020.”
