JAMAICA-ECONOMY-Finance minister describes negotiations with IMF as “long and hard”

KINGSTON, Jamaica, CMC – Finance Minister Dr. Peter Phillips says the government will introduce a number of measures aimed at improving the local economy as Jamaica moves into an agreement with the International Monetary Fund (IMF) that it says is necessary to shore up the island’s balance of payments position and provide access to other multilateral sources of funds. In a joint radio and television broadcast with Prime Minister Portia Simpson Miller on Monday night, Phillips described the negotiations with the Washington-based financial institution as “long and hard”, adding “the end of these negotiations is now in sight.” “I am satisfied that the agreement we are currently finalizing is the best we could negotiate for Jamaica. However, the implementation process will require a national effort and a contribution from everyone. Even as we try to minimise the impact of the sacrifice we will all be called upon to make we must seek to protect the poor and the vulnerable.”