Jamaica Receives $1.2 Billion IMF Loan Following Successful Review

Jamaica has received over $1.2 billion from the International Monetary Fund (IMF) following a successful review of its precautionary and liquidity line (PLL) and Resilience and Sustainability Trust (RST). The IMF approved a total of over $1.7 billion for Jamaica in March 2023 under the PLL and RST, with a portion already disbursed. The completion of the third review releases the remaining $258 million under the RST and $980 million under the PLL. Jamaica’s economic performance has been characterized by sustained growth, declining debt, low inflation, and a strengthened external position, according to the IMF statement. The country’s commitment to reforms has strengthened its fiscal and financial policy frameworks, while its climate policy agenda aims to bolster the economy’s resilience against climate-related challenges. Jamaica’s economy is estimated to have grown by around 2% in the 2023-24 fiscal year, driven by a tourism sector that has surpassed pre-pandemic levels and continued recovery in mining. Unemployment has decreased, while foreign direct investment has increased. The IMF expects the external position to remain strong, with public debt falling below 60% of GDP by fiscal year 2027-28.