JAMAICA-ECONOMY-IMF approves new facility for Jamaica

WASHINGTON, CMC – The International Monetary Fund (IMF) Wednesday said it had approved US$932.3 million loan under its Extended Fund Facility (EFF) for Jamaica. The four-year EFF will support the Jamaica government’s comprehensive economic reform agenda and forms a critical part of a total funding package of two billion US dollars from Jamaica’s multilateral partners including the World Bank and the Inter-American Development Bank (IDB), with each having preliminarily agreed to allocate US$510 million over the next four years. The IMF said the approval enables an initial disbursement by the Washington-based financial institution of US$207.2 million.