IMF pact – Fund agrees in principle to Jamaica’s loan request

The International Monetary Fund (IMF) has, in principle, approved Jamaica’s request for a US$1.3-billion standby agreement. However, the deal will still need the stamp of approval of the executive board of the fund before Jamaica begins to draw down on the money.

Key stakeholders in the financial sector yesterday warned the Bruce Golding administration that they would not let his Government off the hook if it fails to deliver on its promise of a prudent fiscal-management programme to supplement the debt-exchange initiative.