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Jamaica on track for second IMF drawdown

KINGSTON – Jamaica remains on course for a second drawdown of funds from the International Monetary Fund, and supporting financial inflows from the World Bank and Inter-American Development, totalling some US$300 million.

Jan Kees Martijn, head of the IMF Staff Mission Team to Jamaica, and Finance and Planning Minister Dr Peter Phillips said this is based on the country’s positive performance under the government’s economic reform programme for the second quarter of the fiscal year, between July and September, which recorded economic growth of just under
one per cent.

Martijn advised that approval of the Staff Mission Team’s second quarterly economic review report for Jamaica, under the four-year Extended Fund Facility (EFF) by the IMF’s management and executive board, will qualify the country for a second drawdown totalling some US$30 million.

Phillips also informed that this would pave the way for complementary funding support totalling US$270 million from the World Bank and IDB.

Both Phillips and Martijn were speaking at a media briefing, held at the Ministry’s National Heroes Circle offices in Kingston yesterday, where journalists were updated on the results of the Staff Mission Team’s second quarterly economic review for Jamaica, conducted over last week.

Martijn, who disclosed that the team met with a wide cross-section of private and public stakeholders over the seven-day period, commencing November 6, said the discussions were “excellent”, and focused on Jamaica’s economic performance under the programme and the policies for 2013/14, as well as the remainder of the programme period.

“The execution of the 2013/14 budget has been broadly on track and, more generally, overall policy implementation under the programme, has been strong. All quantitative and indicative targets for the end of September were met, including the floor on social spending. All structural benchmarks, to date, have also been met in a timely manner, although with some delay in the tabling of the fiscal incentives legislation,” he outlined. (Jamaica Observer)


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