Jamaica 2016 IMF Stand-By Arrangement
2010: Stand-By Arrangement, US$1.25 billion 2013: Extended Fund Facility, US$932.3 million 2016: Stand-By Arrangement, US$1.64 billion Jamaica and the International Monetary Fund reached an agreement to make $1.64 billion in funding available over the next three years as the government seeks to further cut one of the world’s highest debt loads while jump-starting a sluggish economy. The stand-by agreement, announced Thursday, would make $430 million available immediately after the IMF board approves it next month. It replaces a four-year IMF loan that Jamaica took on after it restructured debt in 2013. Andrew Holness said: “Our request to move to a precautionary arrangement is a sign of strength and reflects the policy credibility and strong macroeconomic management of the Jamaican government,” “Jamaica has made commendable progress in its economic adjustment program over the past three and a half years,” said Alejandro Werner, IMF’s director for the W...