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Jamaica : KINGSTON: IMF cleared US$70.9m for JAMAICA following assessment

June 23, 2014

The Executive Board of the International Monetary Fund (IMF) recently has given approval to release US$70.9 million funds to Jamaica.

Issuing a statement on Friday, the Fund has made revelation on this development.

This has confirmed that Jamaica has been successful to clear the IMF s most recent assessment on its performance covering the period between January and March 2014.

As part of the Extended Fund Facility, the island has been delivered US$414 million by the IMF during the past one year.

In this statement, the Deputy Managing Director and Acting Chair of the IMF - Naoyuki Shinohara revealed, Jamaica s programme implementation under the Extended Fund Facility has been commendable. The achievement of a primary surplus in a short time is impressive. Essential social spending has been safeguarded and steps are being taken to strengthen the social safety net. Continued support by the international community remains crucial as Jamaica is undertaking this difficult adjustment.

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Source: TendersInfo (India)

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