LEAD-JAMAICA-IMF promises to work with Jamaica on economic programme to deal with high debt

KINGSTON, Jamaica, CMC – The International Monetary Fund (IMF) Tuesday said it would continue to work “assiduously” with the Jamaican authorities” on an economic programme that would help address the challenges caused by high debt and low growth. “Over the last three decades, the Jamaican economy has experienced very low economic growth, declining productivity, and reduced international competitiveness. An important factor behind these problems has been Jamaica’s unsustainable debt burden, which has undermined confidence and elevated risks to economic stability,” said Jan Kees Martijn, who is heading an IMF mission to the island. He said additionally, Jamaica’s high debt service has limited the government’s potential to provide the services needed to achieve sustained rates of growth and increased welfare for its citizens.