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IMF approves $68.8 million disbursement to Jamaica

IMF approves $68.8 million disbursement to Jamaica

Posted by Shanelle Weir on September 25, 2014

The International Monetary Fund agreed Wednesday to disburse $68.8 million to the Jamaican government after completing its fifth review of the island's economic performance.

In a press release, the IMF acknowledged that Jamaican authorities have adhered to the conditions of the agreement signed under the Extended Fund Facility, or EFF, which provides assistance to countries facing serious problems in their medium-term balance of payments.

The Jamaican government and the IMF in 2013 signed the four-year agreement that supports the country with a $932 million loan.

According to the IMF, Jamaica "has recently regained market access - raising valuable financial resources - and its external position has strengthened, helped by gains in competitiveness."

The IMF forecasts that Jamaica's economic growth will amount to more than 1 percent this year, while inflation will fall to about 8 percent. EFE

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