Jamaica has successfully passed its first review of a debt restructuring program under the International Monetary Fund, the institution said Monday.
“Overall program implementation,” said Nayouki Shinohara, IMF deputy managing director and acting chair of the board, “has been strong, despite the weak economic environment.”
Earlier this year, a deeply indebted Jamaica was forced to call in the Washington-based financial institution for up to $958 million in loans to help turn around its sinking economy.
On Monday, IMF officials said that Jamaica’s “continued commitment to the program objectives of strengthening Jamaica’s fiscal position and creating the conditions for sustained economic growth will be critical to a revival of investor confidence and domestic demand in the period ahead.”
Still, close monitoring is needed to ensure the country remains on a path to economic growth.
By passing the review, Jamaica will now be able to receive an additional $30.6 million under the program and support from other multilateral development partners.