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Latin American Economy & Business - November 2016 (ISSN 1741-7430)
Jamaica: Continued progress on economic stabilisation
The announcement by the IMF on 11 November that its Executive Board had approved a three-year US$1.64bn Stand-By Loan Arrangement (SBA) with the Jamaican government is a reflection of the progress made by the Jamaican authorities in stabilising the economy since the previous Extended Fund Facility (EFF) agreement was signed in 2013. The IMF praised the government’s efforts at fiscal consolidation, including the continued generation of large primary surpluses and a reduction in the large public debt stock. Although real GDP growth remains weak, it is nevertheless showing signs of acceleration. Coupled with wide-ranging and ambitious reform plans for the coming year, the government hopes to continue its recent impressive track record.
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