Shaw, IMF division chief to hold talks on outstanding reviews

Finance Minister Audley Shaw will finalise discussions on the outstanding reviews for the December and March quarters, which form part of the 27-month standby agreement with Jamaica, with newly-appointed Caribbean division chief for the International Monetary Fund (IMF).

Luis Breuer is expected in Jamaica today, Wednesday.

Finance Minister Audley Shaw, noting that the delays for the fourth and fifth quarters had been delayed because of the protracted wage negotiations with public sector workers, said he would be going "through everything in detail" when he meets this week with Breuer.

He was speaking on Monday in New Kingston at the launch of RBC Royal Bank Jamaica, as the organisation completed the rollout of its rebranding process on the island and began formal operations under the banner of its Canadian-based parent company, replacing RBTT as the retail banking brand across its network locally.

The talks will precede discussions at the IMF board level on Jamaica's performance under the 27-month US$1.27 billion borrowing agreement with the IMF.

Part of the discussions with the IMF division chief could centre on the return of some funds to the international lending agency, as Shaw also reiterated what he announced two weeks ago, that the government, in collaboration with the Bank of Jamaica, was contemplating giving back the Fund some of the money it obtained as part of the standby agreement approved in February 2010.

"We have not had to use one penny out of the US$700 million that we have set aside" for the Financial Sector Support Fund, the minister said. "And that is why I have publicly stated that we are now contemplating, along with the Bank of Jamaica, whether we shouldn't send back some of the money to the IMF."

Breuer, whose assignment covers Jamaica, Barbados, Trinidad & Tobago, the Bahamas and Belize, took office on July 5.

mcpherse.thompson@gleanerjm.com