News

IMF Approves Disbursement of $30.6 Million to Jamaica

By: Caribbean Journal Staff - October 1, 2013

Above: Kingston (CJ Photo)

By the Caribbean Journal staff

The International Monetary Fund’s Executive Board has approved a $30.6 million disbursement to Jamaica.

The move follows the completion of its first review of the country’s performance under an economic programme supported by a four-year, $944 million Extended Fund Facility Arrangement.

Total disbursements have now reached about $240.4 million, according to the IMF.

“Overall program implementation under the Extended Fund Facility has been strong, despite the weak economic environment,” said Nayouki Shinohara, deputy manager and acting chair of the IMF’s Executive Board. “The authorities’ continued commitment to the program objectives of strengthening Jamaica’s fiscal position and creating the conditions for sustained economic growth will be critical to a revival of investor confidence and domestic demand in the period ahead.”

Jamaica’s economic programme for the rest of the 2013/2014 fiscal year will focus on structural reforms to “strengthen the fiscal framework,” the fund said.

“Priorities include the enactment of an effective fiscal rule to lock in the gains from the fiscal adjustment thus far, and a comprehensive tax reform to broaden the tax base and reduce distortions,” Shinohara said. “An expected short delay in submission to parliament of a new law on tax incentives should not postpone its enactment.”

The fund said that the programme was marked by two major pillars: achieving broad-based growth and “enhancing social protection.”

“The growth agenda should be bolstered by further actions to enhance the business environment and support well-targeted public investments, in close collaboration with development partners,” Shinohara said.

Shinohara also said that close monitoring of the financial system remains “essential” to prevent vulnerabilities following the country’s debt restructuring in February.

“A comprehensive reform of the securities dealers sector would also be important for safeguarding financial stability,” Shinohara said.

Jamaica reached a long-awaited deal with the IMF at the beginning of 2013.

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