Opposition supports Jamaica seeking financial assistance from IMF
Published:Thursday | April 16, 2020 | 5:02 PM
The Opposition says it supports the government’s decision to approach the International Monetary Fund (IMF) for financial assistance amid the coronavirus crisis.
Finance Minister Dr Nigel Clarke today indicated that Jamaica submitted a request on Wednesday to access the IMF’s Rapid Financing Instrument (RFI).
READ: Jamaica turns to IMF for help
He further explained that the RFI provides financial support to IMF member countries with balance of payment needs but without the requirement of having a “full-fledged” IMF programme, ongoing reviews and conditionality.
Clarke did not reveal the amount of money being sought.
Opposition Spokesperson on Finance Mark Golding says the move is important, given the downturn in the Jamaica’s economy.
“The availability of additional resources from the IMF at this time will help to shore up the country’s foreign exchange position, which is critical for the economy to continue to function through this sharp downturn,” said Golding in a statement.
“While we agree with this development, we must again reiterate our repeated call that the fiscal support for the CARE programme must be substantially increased, as pressure is palpably mounting in the society, and $10.65 billion (a mere 0.5% of GDP) will clearly not be sufficient to keep the social fabric from unravelling,” he added.
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