The International Monetary Fund, IMF, has praised Jamaica for its continued implementation of strong macroeconomic policies under its third review of the Precautionary Liquidity Line, PLL, and the Resilience and Sustainability Facility, RSF.
The deliberations were completed virtually between Minister of Finance, Dr. Nigel Clarke, and an IMF team led by Senior Economist, Esteban Vesperoni.
The deliberation occurred between June 24 and 28.
Dr. Clarke is currently attending multilateral meetings in Singapore.
The PLL and RSF are designed to assist countries in strengthening resilience to balance of payment shocks such as climate change.
According to Mr. Vesperoni, supported by entrenched macroeconomic stability and strong policy frameworks, Jamaica was able to respond prudently to recent global shocks.
He says these policies supported the economy, reduced public debt and inflation, and strengthened the external position.
The Senior Economist says growth has been strong, resulting in record-low unemployment.
He describes Jamaica’s outlook as positive, but subject to downside risks.
Mr. Vesperoni says significant progress is being made by the authorities with their ambitious agenda to make the economy more resilient to climate change.
He says the completion of these reforms makes available approximately two hundred and US $55 million in case of a major economic shock.
Jamaica entered into arrangements with the IMF to gain access to the RSF and PLL in September 2023.
Credit: Source link