News

Jamaica Expects to Conclude Letter of Intent With IMF By End of 2012

By: Caribbean Journal Staff - November 23, 2012

Above: Jamaica Finance Minister Dr Peter Phillips (left) (FP)

By the Caribbean Journal staff

Jamaica’s government expects to conclude a letter of intent with the International Monetary Fund by the end of December, with negotiations expected to be finalized this calendar year, according to Finance Minister Dr Peter Phillips.

Phillips, who was speaking this week at a forum on the Jamaican economy, said that having an IMF agreement in place would represent a “seal of approval” to the international community.

The IMF programe, he said, is aimed at “restarting the engines of progress” in Jamaica.

“It is the seal that will secure access on acceptable terms to international capital markets and for that reason it is important, but it is not the be all and end all,” he said. “The challenge that we face is a challenge not for the IMF, but a challenge for us, the people of Jamaica, to demonstrate that we have the capacity to manage our own economic and financial affairs responsibly and effectively in keeping with the sovereign rights which we have held for 50 years.”

Last week, a group of Jamaican officials were in Washington to look at and exchange data regarding the government’s views on the Memorandum of Economic and Financial Policies, he said.

That will form the basis of the letter of intent.

Popular Posts w punta cana

A New All-Inclusive W Hotel Is Opening This Year in Punta Cana 

The first-ever all-inclusive W Hotel in the Caribbean is opening this year in Punta Cana, Dominican Republic, Caribbean Journal has learned.  The hotel, part of a broad expansion for parent company Marriott International, is on the list of expected 2024 […]


Why Grenada Is a New Caribbean Luxury Hotspot

beach house silversands

From its world-renowned chocolate to its pristine beaches to a region-leading focus on sustainability, Grenada is as fascinating and unique as destination as you’ll find in the Caribbean.  But in the last few years, the lush Eastern Caribberan island has […]


5 Adults-Only Resorts to Visit Right Now in the Caribbean 

galley bay

Sometimes you just want that extra degree of serenity, of privacy, of seclusion. There is a reason, after all, that adults-only resorts are booming in popularity, particularly in the Caribbean: travelers want to know that when they arrive, they know […]


Related Posts doctors cave beach with waves

Jamaica Adding New Automated Passport Kiosks

In a a bid to expedite processing at two of the Caribbean’s busiest airports, Jamaica is adding new automated passport control kiosks in Kingston and Montego Bay.  The new kiosks aim to “streamline passenger flow,” according to a statement from […]


The Cool List: the Coolest Hotels in the Caribbean for 2024

the cool list 2024

They’re different. They’re fun, they’re colorful, they’re unique. They’re themselves. The Caribbean has no shortage of cool hotels and in this, Caribbean Journal’s 12th annual Cool List, we highlight the places that hit you in a different way, that do […]


The 25 Best All-Inclusive Resorts in the Caribbean, from Adults-Only to Boutique

hammock cove in antigua

What is an all-inclusive resort? In recent years, the answer to that question has changed dramatically. Today, all-inclusive means a resort that is at the cutting edge of travel trends, one that is catering to the demands of a massive […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You