WASHINGTON (dpa-AFX) - An International Monetary Fund mission concluded the review of Jamaica's IMF-supported program under the Extended Fund Facility.
The mission reached a preliminary agreement with Jamaica, the approval of which by the Executive Board would release about $40 million to the economy.
IMF Mission Chief Uma Ramakrishnan said, a gradual economic recovery is underway. The growth outlook is improving, although the drought is hampering agricultural recovery for the second year in a row.
The economy is forecast to grow 1.4 percent in 2015-16. The unemployment rate declined to 13.2 percent in April, with strong employment growth in tourism and in the business process outsourcing sector.
Ramakrishnan praised that the PetroCaribe liability management operation is an important step in reducing Jamaica's public debt. The buyback has immediately reduced the debt-to-GDP ratio by about 10 percent of GDP, she observed.
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