Jamaica set to pass next IMF test

A senior IMF official says the country is on course to get a passing grade in the second test since signing a loan agreement.

KINGSTON, Jamaica, Monday August 9, 2010 – Preliminary economic data suggest that Jamaica is likely to pass the upcoming International Monetary Fund (IMF) test, following the Fund's review at the end of this month.

It’s the second test that the country has had to pass since receiving under the US$1.27 billion loan agreement signed in February.

Senior IMF representative to Jamaica Dr Gene Leon, during a recent presentation to the Jamaica Chamber of Commerce, said that the overall fiscal deficit is smaller than projected in the budget, inflation is moderating, interest rates are trending downwards and net international reserves are in a healthy position.