IMF to Continue Jamaica Talks

The IMF says discussions regarding a $1.2bn stand-by agreement for Jamaica will continue in Washington this week, following talks held in Kingston October 27-November 6. An IMF mission met with prime minister Bruce Golding, minister of finance Audley Shaw, and senior Jamaican FinMin and central bank officials. The stand-by agreement will help reduce Jamaica’s large fiscal deficit and put its debt on a downward path, says the IMF. Domestic liabilities account for 55% of the sovereign’s total debt, which stood at 106% of GDP as of March, according to Fitch. S&P last week chopped Jamaica’s ratings by another notch to CCC with negative outlook after the central bank governor, who had been leading talks with the IMF, resigned.