Government and IMF reach staff level agreement

Jamaica and the International Monetary Fund , IMF, has reached a staff-level agreement with Jamaica, on a precautionary and liquidity line, and the resilience, and sustainability facility, with combined access, of US$1.7 billion.

The IMF’s executive board is expected, to consider these requests, early 2023.

According to a statement from the IMF, an IMF team led by Esteban Vesperoni, held virtual and in-person meetings with the Jamaican authorities, during December 5 to 15, to conduct the 2022 article —four consultation.

At the conclusion of the mission, Mr. Vesperoni stated, that the IMF team and the Jamaican authorities reached staff-level agreement, on policies to support the request for PLL and the RSF.

He says over the past few years, Jamaica has been buffeted, by a difficult global environment—from Covid, the Russian War in Ukraine, and the ongoing tightening, of global financial conditions.

He says supported by good policy frameworks, and policies, prioritizing macro-economic stability, the economy is now recovering strongly.

Mr. Vesperoni added that pushed by global factors—in particular, the impact of the war in Ukraine. On commodity prices—inflation has risen above the central bank’s target band, but is expected. To decline during the course of 2023.

He states that the outlook points to a continued recovery in activity and inflation falling back within the Bank of Jamaica’s target range, by the end of 2023.


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