IMF Deal The Beginning Of A Long Haul

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Apr 12, 2013

KINGSTON, Jamaica, Gleaner - Monday's International Monetary Fund (IMF) statement on Jamaica reads: "Fund management will submit to its Executive Board a 48-month arrangement under the Extended Fund Facility in the amount of SDR 615 million (about US$958 million, or 225 per cent of quota), with the recommendation that it be approved. It is expected that the board meeting would take place by the end of April."

Simultaneously, a joint World Bank/Inter-American Development Bank (IDB) release recognised "the decision by the management of the International Monetary Fund to present to its board its proposal for a new Extended Fund Facility with Jamaica. This is an important reflection of that institution's confidence in Jamaica's macroeconomic stabilisation programme."

Uncertainty and speculation should now subside.

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