Jamaica and IMF Reach Staff Level Agreement

A staff level agreement between Jamaica and the International Monetary Fund (IMF) has allowed the government to access about US$1.7 billion under the IMF’s Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF).

This provision, which is part of the government’s policy response to current global shocks, is being provided at their request. The IMF Executive Board is anticipated to evaluate the request in the first quarter of 2023.

The Agreement was negotiated between IMF executives and government representatives during face-to-face and online sessions held from December 5 to 15 to carry out the most recent Article IV Consultation.

The Government will have access to roughly US$763 million through the RSF and US$967 million under the PLL.

The RSF will support Jamaica’s ambitious agenda to increase resilience to the effects of climate change, transition to a zero-carbon economy, and catalyse official and private climate-related financing. The PLL will offer Jamaica valuable insurance against downside risks, including those arising from extreme weather events.

Dr. the Hon. Nigel Clarke, Minister of Finance and the Public Service, claimed in a statement that Jamaica is in a new phase of economic development where the government plans ahead for disruptive events.

As a result, he claimed, the Administration has put in place a natural disaster policy, funded a national disaster fund, and unveiled the first globally sponsored catastrophe bond independently sponsored by a tiny nation.

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