KINGSTON, Jamaica, Observer - STRAPPED for cash and looking forward to signing a US$958-million loan agreement with the International Monetary Fund (IMF) by month end, the Jamaican Government is continuing to court other multilaterals, Finance Minister Dr Peter Phillips said yesterday.
On Monday the management of the IMF indicated that it will be making the recommendation to the Board that the loan be approved when it meets some time this month. It also indicated its intention to move the initial loan of US$750 million to US$958 million (over four years).
Yesterday, Opposition spokesman on finance Audley Shaw said it was important that Phillips gives the country "some assurance as to what is the expected initial flow of funds that would come from the IMF, the World Bank, the Inter-American Development Bank, the Caribbean Development Bank, and the European Union".