Senior International Monetary Fund mission representative to Jamaica, Jan Kees Martijn, yesterday said the fund is “encouraged by the steady progress being made” by the country under the extended fund facility (EFF). “We have found a strong resolve to implement the program and that is indeed critical because we all realize that there are serious [...]
IMF Bailout May Push Jamaica Over The Cliff
May 20, 2013 | Posted by
Jamaica has suffered a long string of international rescues and ultimately failed fiscal programs. But last month’s bailout led by the International Monetary Fund could be the country’s final chance to avert an economic catastrophe. The latest four-year program is controversial even among its bankrollers. The IMF led the negotiations with the Jamaican government, but [...]
Despite Shadow of Debt, Jamaica Basks in IMF’s Sun
May 10, 2013 | Posted by
The International Monetary Fund has granted Jamaica a much-needed economic lifeline. In return, the island – one of the most indebted countries in the world – needs to get a grip on its rampant public spending. Inside a Cambio (currency exchange ), as the customers wait in line, the talk quickly turns to the exchange [...]
Overconsumption Drives Jamaican Economic Woes, IMF Official Says
April 15, 2013 | Posted by
KINGSTON, Jamaica— Overconsumption is the main cause of the island’s current economic woes, Gene Leon, representative of the International Monetary Fund to Jamaica, said on Sunday. Addressing a forum on promoting Jamaica’s small- and medium-sized business, Leon said the country has been consuming far more than it has been able to earn, which leads to [...]
Jamaica to Receive $2B Rescue Package From Banks
April 9, 2013 | Posted by
Multilateral lenders have finalized a rescue package of almost $2 billion for Jamaica, one of the most indebted countries in the world, as the Caribbean heavyweight attempts to return to fiscal and economic health. The International Monetary Fund said on Monday that it would lend Jamaica $958 million, some $200 million more than expected, while [...]
IMF Unlikely to Approve Jamaica Loan Before End of March
March 25, 2013 | Posted by
There is anxiety in Jamaica as to whether the schedule of the International Monetary Fund will allow the IMF to approve a much-anticipated $750 million loan for Jamaica before the end of March. When the IMF updated its executive board calendar last month and replaced Jamaica with the Philippines for the March 29 board meeting, [...]
The IMF is Jamaica’s Neocolonial Economic Master
March 3, 2013 | Posted by
KINGSTON, Jamaica – The Bank of Jamaica posted on its website Feb. 15 an International Monetary Fund press release with the caption, “IMF and Jamaica authorities reach staff-level agreement on key elements of the EFF-Supported programme.” This is the first of two steps in the approval process; Next is approval by the IMF board that [...]
Jamaica’s Deal With IMF Means More Tax Hikes and Pay Cuts
February 21, 2013 | Posted by
ON THE eve of Lent, Jamaica’s prime minister, Portia Simpson Miller, placed holders of government local-currency bonds on an austerity diet, asking them to accept a lower interest rate. Her finance minister followed up with unpopular emergency tax increases. In return, on Feb. 15th the International Monetary Fund announced a preliminary agreement for a $750 [...]
Jamaica Agrees to Terms For $750 Million IMF Loan
February 17, 2013 | Posted by
Jamaica will receive a loan for $750 million from the International Monetary Fund, provided the country can develop a significant plan for economic reforms to reduce the national debt. That plan would include convincing private sector lenders to agree to more lenient terms for the country’s existing debt, along with efforts from government officials to [...]
St Lucia Receives Stamp of Approval from the IMF
December 20, 2012 | Posted by
The St Lucia government has received a stamp of approval from the International Monetary Fund (IMF) for its implementation of the controversial new Value Added Tax (VAT) but this will not be enough to sustain the economic growth of the eastern Caribbean nation cautioned the Washington-based institute. Following a visit by an IMF staff team [...]
