The announcement was made on Thursday at the conclusion of an IMF mission to conduct discussions on the third review of Jamaica’s IMF-supported program under the Extended Fund Facility (EFF).
According to Jan Kees Martijn, the Fund’s mission chief for Jamaica, the Fund mission reached preliminary understandings with the authorities on a set of economic policies detailed in an updated Letter of Intent.
“ Discussions with the authorities focused on economic performance under the program and policies for the remainder of the programme period.”
He noted that the current account has improved and net international reserves increased to more than US$1 billion by end-December (with gross reserves at US$1.8 billion, equivalent to more than three months of imports).
“Overall policy implementation under the programme remains strong. All quantitative performance targets and indicative targets for end-December were met, including the floor on social spending.”