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Finance Minister in Washington for Talks With Int’l funding agencies

Featured Finance Minister in Washington for Talks With Int’l funding agencies
Finance Minister, Dr. Peter Phillips is in Washington D. C., to engage in a series of discussions with officials from the U.S. Department of the Treasury, U.S. State Department, the International Monetary Fund, (IMF), the Inter-American Development Bank (IADB), and the World Bank (IBRD).

The meetings will review the recent performance of the Jamaican economy and achievements under the IMF four-year Extended Fund Facility, while the and technical discussions will focus on the macro-economic and fiscal path that Jamaica is pursuing in order to realise economic growth and development,

The delegation will also engage in discussion with these organizations on how each of them can tangibly continue to support Jamaica’s development; particularly in terms of financing of the growth objectives and debt reduction initiatives.

Following a successful Staff Review of the country’s performance under the IMF’s four-year Extended Fund Facility, in August, Jamaica is set to receive approval for draw down of US$71 million.

This fifth successful review was conducted by an IMF team that was in the island from August 12 to 22 to assesses Jamaica’s economic performance for the quarter ending June 2014 and the outlook going forward.

Speaking shortly thereafter, Dr. Peter Phillips, said when the Fund’s Management and Executive Board meet this month, funding approval is anticipated given the country’s strong performance to date and continued commitment to the implementation of the programme.  

The IMF found "all quantitative fiscal and monetary performance criteria under the programme have been met for the review period and the government has also implemented all of the structural benchmarks."

Minister Phillips is accompanied in Washington by the Governor of the Bank of Jamaica, Mr. Brian Wynter; the Director General of Planning Institute of Jamaica (PIOJ), Mr. Colin Bullock; and the Financial Secretary, Mr. Devon Rowe.

The Minister and his team  will return to Jamaica on Thursday, 4th  September 2014.

Last modified onMonday, 01 September 2014 15:09