Kingston, Jamaica: 15 May 2020
Today, the Executive Board of the IMF approved Jamaica's request for access to the IMF's Rapid Financing Instrument in the amount of approximately US$520 million. This represents 100% of Jamaica's quota and the maximum amount available under this facility.
The Government of Jamaica has taken strong and decisive action to slow the spread of the new coronavirus in Jamaica, to strengthen public health capacity and to cushion the economic impact of the pandemic on vulnerable individuals and small businesses.
However, notwithstanding this, the Covid-19 pandemic has severely impacted tourism related foreign exchange inflows as well as remittances, and is forecasted to significantly dampen economic activity.
The Minister of Finance and the Public Service, Dr. Nigel Clarke, made the following statement:
"The resources approved by the IMF today will be extremely valuable in boosting Jamaica's foreign exchange reserves, and in assisting Jamaica to meet Covid-19 related balance of payments challenges."
"Our fiscal and monetary reforms have provided Jamaica with options that many countries do not have. Public body reform, inclusive of divestment and reintegration of public bodies, as well as recent fiscal over-performance has provided substantial cash resources that will be deployed to assist in the financing of the fiscal impact of the Covid-19 pandemic."
"These tangible dividends of our reform effort further reinforce our continued commitment to Jamaica's economic reform agenda."
"We are grateful to the Fund for the quick response to Jamaica's request which was made exactly one month ago on April 15, 2020."
For further information, contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Tel: (876) 932-4656/4660/4655
Contact: Camille Sinclair / Daniel Passley