International Monetary Fund

 

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    March 18, 2010 -- “The Antiguan authorities and an IMF staff mission have reached agreement on a program that the mission will recommend the IMF support through a Stand-By Arrangement (SBA) for SDR 81 million (about US $124 million) over 36 months.


    Kingston -- Feb. 5, 2010 -- The Executive Board of the International Monetary Fund (IMF) Feb.4 approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn. A disbursement of SDR 414.3 million (about US$ 640 million) will become available to Jamaica immediately.


    Kingston -- Dec. 17, 2009 -- The Jamaican authorities and an IMF staff mission have reached agreement on the key elements of a program that the IMF would support with a loan under a Stand-By Arrangement (SBA).


    Nov. 2, 2009 -- Faced with a sharp output decline in the alumina sector, combined with lower alumina and oil prices, economic growth is expected to slow to 2½ percent in 2009, down from an estimated level of 6 percent in 2008.


    Washington -- Oct. 23, 2009 -- The global crisis had a substantial impact on the Latin American and the Caribbean (LAC) region, but the worst is over for most countries, according to the International Monetary Fund (IMF) in its latest new Regional Economic Outlook – Western Hemisphere report, launched today in São Paulo, Brazil.


    May 22, 2009 -- In the face of a weak and volatile external environment, economic activity in the ECCU has faltered, and the ECCU has entered a recession.

    Washington -- May 6, 2009 -- The impact of the global recession on the Latin America and Caribbean (LAC) region has been severe and wide-ranging, but the region is now better positioned to weather the current downturn and is expected to emerge from the financial crisis earlier than the advanced economies, according to the latest Regional Economic Outlook: Western Hemisphere report of the International Monetary Fund (IMF).

    Washington -- Dec. 13, 2008 -- "The government will introduce a VAT at an appropriate date so as to allow time for thorough preparation. Passage of the VAT and excise tax laws with effective tax rate and exemption structures will be key..."

    Dec. 13, 2008 -- IMF Managing Director Dominique Strauss-Kahn warned that the combination of financial stress and lower or negative growth in advanced countries is increasingly impacting emerging economies—particularly countries like Jamaica that need sustained access to capital markets.


    Feb. 26, 2010 -- Fiscal consolidation seems to be the appropriate strategy. Reducing government spending, increasing tax collection efficiency, and broadening the tax base would support the exchange rate regime and improve the government’s balance sheet.

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