Discussions regarding Jamaica’s standby loan arrangement with the International Monetary Fund (IMF), are to continue in Washington following a visit to Jamaica by members of the team over the last week.

Chief of the Caribbean division of the IMF, Trevor Alleyne who led the mission, said the Fund appreciates the significant challenges faced by Jamaica, and is working closely with the authorities in support of their efforts to formulate a plan to overcome these challenges.

In a statement issued this morning, Mr. Alleyne said the focus of the discussions has been on the appropriate set of policy measures for both the short and medium term, which will credibly address the key macroeconomic
imbalances and help to set the stage for robust economic growth.

Between last Tuesday and yesterday, the team met with Prime Minister Bruce Golding, Finance Minister Audley Shaw, and senior officials at the Finance Ministry and the Bank of Jamaica, including Financial Secretary Dr Wesley Hughes and Acting Central Bank Governor, Audrey Anderson.

He said in particular, this has meant a focus on how to reduce the large fiscal deficit and to place the debt on a clear downward path.

Mr. Alleyne said there was marked progress made during the mission.

However, the discussions will continue at the IMF headquarters in Washington next week.

The statement did not indicate when the discussions are likely to be finalized.

Jamaica is seeking US$1.2 billion in a standby arrangement with the Fund.