IMF Approves Funds For Jamaica

The IMF has disbursed the equivalent of about $49.3m to Jamaica, after completing a third review of economic performance under a stand-by arrangement. This takes total disbursements under the arrangement to about $838.2m. The IMF approved a 27-month SBA of about $1.27m (SDR1.27bn) last February. “Jamaica’s performance under the program has been positive overall,” says the Fund. While signs of recovery are acknowledged, further progress is necessary on fiscal and structural reform, says Murilo Portugal, IMF deputy MD and acting chair. “Financial sector reforms aimed at strengthening prudential requirements are moving ahead broadly on schedule,” says Portugal. He adds that authorities plan to wind down a financial system support fund during 2011 and use its resources for international reserves.