The Cable

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(Jamaica Observer) Jamaica’s programme implementation under the Stand-By Arrangement with the IMF was yesterday described as a “strong performance” by the executives as the board concluded its first review on the country’s performance.

According to the International Monetary Fund (IMF) Mission Chief for Jamaica Uma Ramakrishnan, all structural benchmarks and all but one performance criteria for the first review under the new arrangement were met, allowing the country another US$170 million for drawdown from total access of US$1.64 billion over a 36-month period.

Nevertheless, the IMF highlighted the preservation of social consensus for reform as a risk that will be critical in sustaining gains to macroeconomic stability and resilience that have been achieved by Jamaica over the past four years.

In fact, the IMF is now cautioning the Government to “carefully plan, manage and communicate upcoming public sector changes, especially in light of ongoing public sector wage negotiations”.

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