The IMF has approved a loan request by Jamaica for access to US$520 million.
The Executive Board of the IMF yesterday approved Jamaica’s request for access to the IMF’s Rapid Financing Instrument.
The US$520 million represents 100% of Jamaica’s quota and the maximum amount available under this facility.
A statement from the Ministry of Finance said the COVID-19 pandemic has severely impacted tourism-related foreign exchange inflows as well as remittances and is forecast to significantly dampen economic activity.
Minister of Finance and the Public Service, Dr. Nigel Clarke, said Friday, “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.”