Official: Jamaica ‘comfortably’ met IMF targets

KINGSTON, Jamaica (AP) — Jamaica’s top finance official says the government “comfortably” met conditions set by the International Monetary Fund to pass the first performance review of a loan program despite major challenges.

Finance Minister Peter Phillips told lawmakers Tuesday that the four-year program’s front-loaded adjustments and reforms are designed to restore economic growth and place debt on a “firm downward path.”

Overall, Jamaica’s debt is roughly 142 percent of gross domestic product, one of the most punishing debt-to-GDP ratios in the world.

Phillips says the government hopes that real GDP growth “will return on a sustained basis” to the island, which has had a chronically sputtering economy.

The Washington-based IMF says Jamaica has so far done a good job of implementing fiscal policies under the $944 million loan program.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s