independent

Monday 21 April 2014

Jamaica strikes debt deal with IMF

The International Monetary Fund says debt-swamped Jamaica could receive up to 958 million US dollars in a four-year package

The International Monetary Fund says debt-swamped Jamaica could receive up to 958 million US dollars in a four-year package.

The IMF says it will recommend this new programme to its executive board, which should consider approving it at a meeting later this month.

In the statement, the IMF says Jamaica has successfully met mandated prior actions. It said the success of a new deal depends on strengthening public finances, approving a set of reforms, and debt sustainability.

Overall, Jamaica's debt is over 140% of gross domestic product. Roughly 55% of government spending goes to paying it.

In February, Jamaica launched a debt-swap programme to satisfy conditions to forge a new pact with the IMF and halt what the prime minister described as an economic crisis.

Press Association

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